SBI Securities Co. Ltd. Acquires New Shares in Spotify Technology S.A. (NYSE:SPOT)

SBI Securities Co. Ltd. bought a new position in shares of Spotify Technology S.A. (NYSE:SPOT) in the 4th quarter, HoldingsChannel.com reports. The fund bought 2,416 shares of the company’s stock, valued at approximately $1,081,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Prestige Wealth Management Group LLC purchased a new position in shares of Spotify Technology during the 3rd quarter worth $26,000. Hobbs Group Advisors LLC acquired a new position in Spotify Technology in the third quarter valued at about $33,000. Larson Financial Group LLC boosted its stake in Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after buying an additional 33 shares during the period. Rakuten Securities Inc. increased its position in shares of Spotify Technology by 40.5% during the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after acquiring an additional 32 shares during the last quarter. Finally, Quent Capital LLC raised its stake in shares of Spotify Technology by 135.7% in 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 during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Down 1.5 %

SPOT stock opened at $599.01 on Tuesday. The stock has a market cap of $119.24 billion, a P/E ratio of 100.67 and a beta of 1.63. Spotify Technology S.A. has a twelve month low of $249.58 and a twelve month high of $652.63. The company’s 50 day moving average is $539.75 and its two-hundred day moving average is $448.32.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Benchmark increased their price objective on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. TD Cowen lifted their price objective on Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a research note on Wednesday, November 13th. Guggenheim reiterated a “buy” rating and issued a $675.00 price objective on shares of Spotify Technology in a report on Monday, February 24th. Phillip Securities restated an “accumulate” rating and set a $485.00 target price (up from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. Finally, Bank of America boosted their price target on shares of Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $529.43.

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.