Bessemer Group Inc. Has $71.13 Million Holdings in Spotify Technology S.A. (NYSE:SPOT)

Bessemer Group Inc. grew its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 2,034.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 158,992 shares of the company’s stock after buying an additional 151,543 shares during the quarter. Bessemer Group Inc. owned approximately 0.08% of Spotify Technology worth $71,129,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of SPOT. Thrivent Financial for Lutherans lifted its position in Spotify Technology by 566.1% during the 4th quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company’s stock worth $3,541,000 after buying an additional 6,782 shares in the last quarter. Jennison Associates LLC acquired a new stake in shares of Spotify Technology during the fourth quarter worth $1,335,575,000. Marks Group Wealth Management Inc bought a new stake in Spotify Technology in the fourth quarter valued at about $535,000. Patriot Financial Group Insurance Agency LLC bought a new stake in shares of Spotify Technology in the 4th quarter valued at about $214,000. Finally, Swedbank AB boosted its stake in Spotify Technology by 20.9% during the 4th quarter. Swedbank AB now owns 946,129 shares of the company’s stock worth $423,279,000 after acquiring an additional 163,626 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

SPOT has been the subject of several recent analyst reports. The Goldman Sachs Group upped their target price on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. 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. Citigroup lifted their target price on Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a report on Friday, February 14th. KeyCorp lowered their price target on Spotify Technology from $675.00 to $625.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $480.00 price objective (down previously from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. Nine equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $555.30.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $569.45 on Thursday. The firm has a 50-day moving average of $583.30 and a 200-day moving average of $490.71. Spotify Technology S.A. has a 52-week low of $267.76 and a 52-week high of $652.63. The stock has a market cap of $116.57 billion, a PE ratio of 95.71 and a beta of 1.75.

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.