Primecap Management Co. CA Buys New Stake in Spotify Technology S.A. (NYSE:SPOT)

Primecap Management Co. CA bought a new stake in Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 219,800 shares of the company’s stock, valued at approximately $98,334,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SPOT. Jennison Associates LLC bought a new stake in Spotify Technology during the fourth quarter worth about $1,335,575,000. Forsta AP Fonden bought a new position in Spotify Technology in the fourth quarter valued at approximately $619,600,000. Amundi boosted its position in shares of Spotify Technology by 194.2% during the fourth quarter. Amundi now owns 750,030 shares of the company’s stock worth $359,812,000 after purchasing an additional 495,087 shares in the last quarter. Swiss National Bank bought a new position in shares of Spotify Technology during the fourth quarter worth $189,197,000. Finally, FMR LLC boosted its position in shares of 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 in the last quarter. Institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. The Goldman Sachs Group boosted their price objective on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research report on Thursday, February 6th. Benchmark upped their price target on shares of Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Citigroup upped their price target on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research note on Friday, February 14th. Rosenblatt Securities reissued a “neutral” rating and issued a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Finally, Redburn Atlantic assumed coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 price target for the company. Eight analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $540.68.

Spotify Technology Stock Down 4.7 %

SPOT opened at $569.63 on Wednesday. Spotify Technology S.A. has a twelve month low of $249.58 and a twelve month high of $652.63. The company has a fifty day moving average of $560.06 and a 200-day moving average of $464.55. The stock has a market cap of $116.61 billion, a PE ratio of 95.74 and a beta of 1.66.

Spotify Technology Company 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.