Primecap Management Co. CA Invests $98.33 Million in Spotify Technology S.A. (NYSE:SPOT)

Primecap Management Co. CA purchased a new position in Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 219,800 shares of the company’s stock, valued at approximately $98,334,000. Primecap Management Co. CA owned 0.11% of Spotify Technology at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of SPOT. Prestige Wealth Management Group LLC acquired a new stake in shares of Spotify Technology during the third quarter worth $26,000. Hobbs Group Advisors LLC acquired a new stake in shares of Spotify Technology during the third quarter valued at about $33,000. Larson Financial Group LLC grew its stake in 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 purchasing an additional 33 shares in the last quarter. 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 in the last quarter. Finally, Noble Wealth Management PBC acquired a new position in Spotify Technology in the fourth quarter valued at approximately $52,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Rosenblatt Securities reaffirmed a “neutral” rating and set a $658.00 price target (up previously from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Guggenheim reissued a “buy” rating and set a $675.00 target price on shares of Spotify Technology in a report on Monday, February 24th. UBS Group upped their price target on Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. Citigroup upped their price target on Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Finally, Redburn Atlantic assumed coverage on shares of Spotify Technology in a research report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 price objective on the stock. Eight analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $540.68.

Spotify Technology Price Performance

Spotify Technology stock opened at $569.63 on Wednesday. The firm has a fifty day moving average price of $560.06 and a two-hundred day moving average price of $464.55. The firm has a market cap of $116.61 billion, a price-to-earnings ratio of 95.74 and a beta of 1.66. Spotify Technology S.A. has a fifty-two week low of $249.58 and a fifty-two week high of $652.63.

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.