Gulf International Bank UK Ltd Makes New Investment in Spotify Technology S.A. (NYSE:SPOT)

Gulf International Bank UK Ltd acquired a new stake in Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 11,183 shares of the company’s stock, valued at approximately $5,003,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Prestige Wealth Management Group LLC bought a new position in Spotify Technology in the third quarter valued at about $26,000. Hobbs Group Advisors LLC acquired a new stake in shares of Spotify Technology during the 3rd quarter worth approximately $33,000. Larson Financial Group LLC grew its position in shares of Spotify Technology by 51.6% during the 3rd 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. raised its stake in shares of Spotify Technology by 40.5% during the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after buying 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 buying an additional 57 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SPOT has been the subject of a number of analyst reports. Bank of America lifted their target price on shares of Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Barclays lifted their price objective on Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. TD Cowen increased their target price on Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a research note on Wednesday, November 13th. Benchmark boosted their target price on Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Finally, Piper Sandler upped their price target on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. One equities research 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, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $529.43.

Spotify Technology Stock Down 2.1 %

NYSE:SPOT opened at $590.28 on Friday. Spotify Technology S.A. has a twelve month low of $249.38 and a twelve month high of $652.63. The company has a market cap of $117.50 billion, a P/E ratio of 99.21 and a beta of 1.63. The business has a 50 day moving average price of $533.95 and a two-hundred day moving average price of $443.05.

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.