Great Lakes Advisors LLC Buys Shares of 603 Spotify Technology S.A. (NYSE:SPOT)

Great Lakes Advisors LLC purchased a new position in shares of Spotify Technology S.A. (NYSE:SPOT) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 603 shares of the company’s stock, valued at approximately $270,000.

A number of other institutional investors have also modified their holdings of SPOT. Jennison Associates LLC purchased a new position in Spotify Technology during the fourth quarter worth about $1,335,575,000. Forsta AP Fonden acquired a new stake in shares of Spotify Technology in the fourth quarter worth approximately $619,600,000. Amundi grew its holdings in Spotify Technology by 194.2% in the fourth quarter. Amundi now owns 750,030 shares of the company’s stock valued at $359,812,000 after purchasing an additional 495,087 shares during the period. FMR LLC increased its position in Spotify Technology by 23.4% during the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after purchasing an additional 297,035 shares during the last quarter. Finally, Proficio Capital Partners LLC purchased a new position in Spotify Technology during the fourth quarter worth approximately $125,694,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SPOT. Wells Fargo & Company increased 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. Wolfe Research reaffirmed a “peer perform” rating on shares of Spotify Technology in a research note on Friday, January 17th. KeyCorp boosted their target price on Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Morgan Stanley lifted their price target on shares of Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Eight investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and an average price target of $540.68.

Spotify Technology Stock Up 7.1 %

Shares of NYSE SPOT opened at $576.02 on Monday. The stock has a market capitalization of $117.92 billion, a P/E ratio of 96.81 and a beta of 1.66. The stock’s 50 day moving average price is $555.35 and its two-hundred day moving average price is $461.13. Spotify Technology S.A. has a 52-week low of $249.58 and a 52-week high of $652.63.

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.