Korea Investment CORP Buys New Stake in Spotify Technology S.A. (NYSE:SPOT)

Korea Investment CORP purchased a new stake in Spotify Technology S.A. (NYSE:SPOT) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 116,915 shares of the company’s stock, valued at approximately $52,305,000. Korea Investment CORP owned approximately 0.06% of Spotify Technology at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Banco BTG Pactual S.A. grew its stake in shares of Spotify Technology by 68.0% in the fourth quarter. Banco BTG Pactual S.A. now owns 3,622 shares of the company’s stock valued at $1,658,000 after buying an additional 1,466 shares in the last quarter. Financial Engines Advisors L.L.C. boosted its holdings in Spotify Technology by 2.1% in the 4th quarter. Financial Engines Advisors L.L.C. now owns 7,892 shares of the company’s stock worth $3,531,000 after acquiring an additional 159 shares during the period. Mitsubishi UFJ Trust & Banking Corp grew its position in Spotify Technology by 39.5% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 211,450 shares of the company’s stock valued at $94,599,000 after acquiring an additional 59,871 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. purchased a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $464,000. Finally, TD Asset Management Inc. lifted its position in shares of Spotify Technology by 3.9% during the fourth quarter. TD Asset Management Inc. now owns 252,714 shares of the company’s stock worth $113,059,000 after purchasing an additional 9,472 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SPOT has been the subject of a number of recent analyst reports. UBS Group raised their price target on shares of Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. Wells Fargo & Company lifted their target price on Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. China Renaissance started coverage on Spotify Technology in a research note on Wednesday. They issued a “buy” rating and a $740.00 price target on the stock. Canaccord Genuity Group raised their price objective on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Finally, The Goldman Sachs Group upped their target price on Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research report on Thursday, February 6th. Eight investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $547.55.

Spotify Technology Stock Up 0.7 %

SPOT stock opened at $580.27 on Friday. The stock has a market cap of $118.79 billion, a PE ratio of 97.52 and a beta of 1.66. The firm’s 50-day simple moving average is $576.80 and its 200 day simple moving average is $475.48. Spotify Technology S.A. has a fifty-two week low of $258.00 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.