C WorldWide Group Holding A S Takes $2.60 Million Position in Spotify Technology S.A. (NYSE:SPOT)

C WorldWide Group Holding A S bought a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 5,800 shares of the company’s stock, valued at approximately $2,595,000.

Other hedge funds have also recently made changes to their positions in the company. Prestige Wealth Management Group LLC purchased a new position in shares of Spotify Technology during the third quarter valued at approximately $26,000. Hobbs Group Advisors LLC purchased a new position in shares of Spotify Technology during the third quarter valued at approximately $33,000. Larson Financial Group LLC increased its stake in shares of Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after buying an additional 33 shares during the period. Quent Capital LLC grew its stake in Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after purchasing an additional 57 shares during the period. Finally, Rakuten Securities Inc. grew its stake in Spotify Technology by 40.5% in the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after purchasing an additional 32 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 opened at $606.98 on Monday. The business has a 50-day simple moving average of $523.55 and a two-hundred day simple moving average of $437.29. The stock has a market cap of $120.82 billion, a price-to-earnings ratio of 102.01 and a beta of 1.63. Spotify Technology S.A. has a 52 week low of $243.99 and a 52 week high of $652.63.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Benchmark upped their price target on Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Guggenheim upped their price target on Spotify Technology from $520.00 to $675.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Wells Fargo & Company upped their price target on Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. The Goldman Sachs Group upped their price target on Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research note on Thursday, February 6th. Finally, Citigroup upped their price target on Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. One equities research 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’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $529.43.

About Spotify Technology

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.