Spotify Technology S.A. (NYSE:SPOT) Shares Acquired by Mitsubishi UFJ Trust & Banking Corp

Mitsubishi UFJ Trust & Banking Corp increased its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 39.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 211,450 shares of the company’s stock after buying an additional 59,871 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned about 0.11% of Spotify Technology worth $94,599,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in SPOT. PNC Financial Services Group Inc. boosted its position in Spotify Technology by 12.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 11,763 shares of the company’s stock valued at $4,335,000 after purchasing an additional 1,299 shares during the period. Intech Investment Management LLC lifted its holdings in Spotify Technology by 57.0% in the third quarter. Intech Investment Management LLC now owns 1,699 shares of the company’s stock worth $626,000 after purchasing an additional 617 shares during the period. Great Valley Advisor Group Inc. grew its position in Spotify Technology by 4.3% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 2,125 shares of the company’s stock valued at $783,000 after buying an additional 87 shares in the last quarter. Cerity Partners LLC increased its stake in Spotify Technology by 11.8% during the 3rd quarter. Cerity Partners LLC now owns 33,321 shares of the company’s stock valued at $12,280,000 after buying an additional 3,524 shares during the period. Finally, Algert Global LLC raised its position in shares of Spotify Technology by 703.1% during the 3rd quarter. Algert Global LLC now owns 11,999 shares of the company’s stock worth $4,422,000 after buying an additional 10,505 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analysts Set New Price Targets

SPOT has been the subject of several recent analyst reports. JPMorgan Chase & Co. increased their price objective on shares of Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. The Goldman Sachs Group boosted their price objective on Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research note on Thursday, February 6th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $658.00 target price (up previously from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. Wolfe Research reiterated a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. Finally, Wells Fargo & Company boosted their target price on shares of Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Eight analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $540.68.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $605.18 on Tuesday. Spotify Technology S.A. has a 52-week low of $257.56 and a 52-week high of $652.63. The company has a market cap of $123.88 billion, a P/E ratio of 101.71 and a beta of 1.66. The stock’s 50-day moving average is $570.20 and its 200-day moving average is $471.97.

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.