GPM Growth Investors Inc. Purchases 73 Shares of Spotify Technology S.A. (NYSE:SPOT)

GPM Growth Investors Inc. lifted its position in Spotify Technology S.A. (NYSE:SPOT) by 2.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,840 shares of the company’s stock after acquiring an additional 73 shares during the period. GPM Growth Investors Inc.’s holdings in Spotify Technology were worth $1,271,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Jennison Associates LLC acquired a new stake in shares of Spotify Technology in the fourth quarter valued at about $1,335,575,000. Forsta AP Fonden bought a new position in shares of Spotify Technology in the fourth quarter valued at about $619,600,000. WCM Investment Management LLC lifted its position in Spotify Technology by 18.5% during the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after acquiring an additional 605,755 shares during the last quarter. FMR LLC grew its holdings in Spotify Technology by 23.4% in the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after buying an additional 297,035 shares in the last quarter. Finally, Proficio Capital Partners LLC bought a new position in Spotify Technology during the fourth quarter worth about $125,694,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several recent research reports. Barclays boosted their price target on Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. 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 report on Wednesday, February 5th. Morgan Stanley boosted their price target on Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Guggenheim reiterated a “buy” rating and set a $675.00 price objective on shares of Spotify Technology in a research note on Monday, February 24th. Finally, Citigroup raised their target price on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a report on Friday, February 14th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $529.43.

Spotify Technology Trading Up 0.4 %

Shares of NYSE SPOT opened at $586.51 on Thursday. The firm’s 50-day moving average price is $544.65 and its 200-day moving average price is $451.00. The firm has a market capitalization of $120.06 billion, a P/E ratio of 98.57 and a beta of 1.66. Spotify Technology S.A. has a 1-year low of $249.58 and a 1-year high of $652.63.

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.