Legal & General Group Plc Has $464.99 Million Holdings in Spotify Technology S.A. (NYSE:SPOT)

Legal & General Group Plc grew its stake in Spotify Technology S.A. (NYSE:SPOT) by 70.9% during the 4th quarter, HoldingsChannel.com reports. The firm owned 1,039,371 shares of the company’s stock after buying an additional 431,251 shares during the period. Legal & General Group Plc’s holdings in Spotify Technology were worth $464,987,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Prestige Wealth Management Group LLC acquired a new position in shares of Spotify Technology in the third quarter valued at $26,000. Hillsdale Investment Management Inc. acquired a new position in shares of Spotify Technology in the 4th quarter valued at $27,000. Hobbs Group Advisors LLC bought a new position in shares of Spotify Technology during the 3rd quarter worth about $33,000. Quent Capital LLC boosted its position in shares of Spotify Technology by 135.7% during the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after acquiring an additional 57 shares in the last quarter. Finally, Noble Wealth Management PBC bought a new stake in Spotify Technology in the fourth quarter valued at about $52,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Up 2.8 %

Shares of SPOT stock opened at $517.15 on Tuesday. The firm has a market capitalization of $105.86 billion, a price-to-earnings ratio of 86.92 and a beta of 1.75. Spotify Technology S.A. has a 12-month low of $267.76 and a 12-month high of $652.63. The firm has a fifty day moving average of $583.36 and a 200-day moving average of $487.52.

Wall Street Analysts Forecast Growth

SPOT has been the topic of a number of recent research reports. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $480.00 price objective (down from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. FBN Securities started coverage on Spotify Technology in a report on Friday, March 28th. They set a “sector perform” rating and a $645.00 price objective for the company. Macquarie upped their target price on shares of Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Rosenblatt Securities restated a “neutral” rating and set a $658.00 price target (up from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. Finally, The Goldman Sachs Group raised their target price on Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Nine research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and an average target price of $557.47.

Spotify Technology Company Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.