PAX Financial Group LLC Boosts Stock Position in Spotify Technology S.A. (NYSE:SPOT)

PAX Financial Group LLC lifted its stake in Spotify Technology S.A. (NYSE:SPOT) by 20.9% during the 4th quarter, Holdings Channel reports. The institutional investor owned 851 shares of the company’s stock after buying an additional 147 shares during the period. PAX Financial Group LLC’s holdings in Spotify Technology were worth $381,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of SPOT. Jennison Associates LLC bought a new stake in shares of Spotify Technology in the fourth quarter worth about $1,335,575,000. State Street Corp raised its position in Spotify Technology by 1.5% during the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after purchasing an additional 28,864 shares during the last quarter. Schroder Investment Management Group lifted its holdings in Spotify Technology by 0.4% in the 4th quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company’s stock worth $855,810,000 after buying an additional 7,075 shares during the period. GQG Partners LLC purchased a new position in shares of Spotify Technology during the fourth quarter valued at approximately $800,725,000. Finally, Geode Capital Management LLC raised its holdings in shares of Spotify Technology by 561.6% during the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock valued at $659,841,000 after acquiring an additional 1,259,183 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Trading Down 9.9 %

NYSE:SPOT opened at $502.90 on Friday. The company has a market capitalization of $102.95 billion, a P/E ratio of 84.52 and a beta of 1.75. The business’s 50-day moving average is $583.28 and its 200 day moving average is $484.42. Spotify Technology S.A. has a 12 month low of $267.76 and a 12 month high of $652.63.

Analysts Set New Price Targets

Several research firms recently weighed in on SPOT. FBN Securities assumed coverage on shares of Spotify Technology in a report on Friday, March 28th. They issued a “sector perform” rating and a $645.00 price target on the stock. Macquarie increased their price objective on shares of Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Citigroup boosted their target price on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. Cantor Fitzgerald reiterated a “neutral” rating and set a $480.00 price target (down previously from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Finally, Canaccord Genuity Group lifted their target price on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Nine research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus target price of $557.47.

Spotify Technology 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.