Prudential PLC Raises Stake in Spotify Technology S.A. (NYSE:SPOT)

Prudential PLC lifted its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 189.8% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 5,904 shares of the company’s stock after buying an additional 3,867 shares during the period. Prudential PLC’s holdings in Spotify Technology were worth $2,641,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. HighTower Advisors LLC boosted its holdings in shares of Spotify Technology by 25.2% during the third quarter. HighTower Advisors LLC now owns 16,549 shares of the company’s stock worth $6,073,000 after purchasing an additional 3,330 shares during the last quarter. Integrated Wealth Concepts LLC lifted its position in Spotify Technology by 5.6% during the third quarter. Integrated Wealth Concepts LLC now owns 1,743 shares of the company’s stock worth $642,000 after buying an additional 93 shares during the period. Quantinno Capital Management LP boosted its stake in Spotify Technology by 14.2% in the 3rd quarter. Quantinno Capital Management LP now owns 9,500 shares of the company’s stock worth $3,501,000 after buying an additional 1,180 shares during the last quarter. Stifel Financial Corp grew its holdings in Spotify Technology by 16.2% in the 3rd quarter. Stifel Financial Corp now owns 64,083 shares of the company’s stock valued at $23,617,000 after buying an additional 8,919 shares during the period. Finally, State Street Corp increased its stake in shares of Spotify Technology by 1.5% during the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after acquiring an additional 28,864 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

SPOT has been the subject of a number of recent analyst reports. FBN Securities started coverage on shares of Spotify Technology in a report on Friday, March 28th. They issued a “sector perform” rating and a $645.00 target price for the company. KeyCorp boosted their price objective on shares of Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Macquarie increased their target price on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Canaccord Genuity Group boosted their price target on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Finally, Guggenheim restated a “buy” rating and issued a $675.00 price objective on shares of Spotify Technology in a report on Monday, February 24th. Nine research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $557.47.

Spotify Technology Stock Performance

NYSE SPOT opened at $502.90 on Monday. Spotify Technology S.A. has a one year low of $267.76 and a one year high of $652.63. The company has a 50-day simple moving average of $583.28 and a 200-day simple moving average of $486.41. The firm has a market capitalization of $102.95 billion, a PE ratio of 84.52 and a beta of 1.75.

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.