Allianz Asset Management GmbH Increases Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Allianz Asset Management GmbH lifted its stake in Spotify Technology S.A. (NYSE:SPOT) by 13.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 156,581 shares of the company’s stock after purchasing an additional 19,152 shares during the period. Allianz Asset Management GmbH’s holdings in Spotify Technology were worth $70,051,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Prestige Wealth Management Group LLC bought a new stake in Spotify Technology in the 3rd quarter worth approximately $26,000. Hobbs Group Advisors LLC purchased a new position in shares of Spotify Technology in the 3rd quarter worth $33,000. Larson Financial Group LLC grew its holdings in shares of Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after acquiring an additional 33 shares during the period. Rakuten Securities Inc. increased its position in 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 lifted its holdings in Spotify Technology by 135.7% in the fourth 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. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Down 4.7 %

Shares of SPOT stock opened at $606.98 on Friday. The company’s fifty day simple moving average is $523.55 and its two-hundred day simple moving average is $435.73. Spotify Technology S.A. has a 52 week low of $243.99 and a 52 week high of $652.63. The stock has a market cap of $120.82 billion, a P/E ratio of 102.01 and a beta of 1.63.

Wall Street Analyst Weigh In

Several research firms have recently commented on SPOT. Barclays upped their price target on shares of Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Pivotal Research upped their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Wells Fargo & Company increased their price target on shares of Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. JPMorgan Chase & Co. boosted their price objective on shares of Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Finally, TD Cowen raised their target price on Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and an average price target 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.