IQ EQ FUND MANAGEMENT IRELAND Ltd Invests $669,000 in Spotify Technology S.A. (NYSE:SPOT)

IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 1,496 shares of the company’s stock, valued at approximately $669,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans boosted its position in shares of Spotify Technology by 566.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company’s stock valued at $3,541,000 after acquiring an additional 6,782 shares during the period. Jennison Associates LLC acquired a new position in Spotify Technology during the 4th quarter valued at $1,335,575,000. Marks Group Wealth Management Inc bought a new stake in Spotify Technology in the 4th quarter valued at $535,000. Patriot Financial Group Insurance Agency LLC acquired a new stake in Spotify Technology in the 4th quarter worth $214,000. Finally, Kestra Investment Management LLC bought a new position in shares of Spotify Technology during the 3rd quarter worth about $780,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Down 3.5 %

Shares of NYSE SPOT opened at $559.76 on Friday. Spotify Technology S.A. has a 1-year low of $260.80 and a 1-year high of $652.63. The company has a 50-day moving average of $578.28 and a two-hundred day moving average of $477.12. The company has a market cap of $114.59 billion, a PE ratio of 94.08 and a beta of 1.66.

Analyst Ratings Changes

SPOT has been the subject of a number of research analyst reports. Benchmark upped their price objective on shares of Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. 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. Barclays lifted their price objective on Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Redburn Atlantic began coverage on Spotify Technology in a research note on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 target price for the company. Finally, Wells Fargo & Company lifted their price target on shares of Spotify Technology from $690.00 to $740.00 and gave the stock an “overweight” rating in a research note on Friday. Nine equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $552.47.

Spotify Technology 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.