Seven Mile Advisory Has $631,000 Stake in Spotify Technology S.A. (NYSE:SPOT)

Seven Mile Advisory lifted its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 25.6% during the fourth quarter, HoldingsChannel reports. The firm owned 1,411 shares of the company’s stock after acquiring an additional 288 shares during the quarter. Seven Mile Advisory’s holdings in Spotify Technology were worth $631,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of SPOT. Jennison Associates LLC bought a new stake in shares of Spotify Technology in the fourth quarter valued at about $1,335,575,000. State Street Corp raised its position in Spotify Technology by 1.5% in the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after buying an additional 28,864 shares during the last quarter. Schroder Investment Management Group boosted its position in Spotify Technology by 0.4% during the 4th quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company’s stock worth $855,810,000 after acquiring an additional 7,075 shares during the last quarter. GQG Partners LLC bought a new position in shares of Spotify Technology during the 4th quarter worth approximately $800,725,000. Finally, Forsta AP Fonden acquired a new stake in shares of Spotify Technology in the fourth quarter valued at approximately $619,600,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Down 3.5 %

Shares of NYSE:SPOT opened at $559.76 on Monday. The firm has a market capitalization of $114.59 billion, a PE ratio of 94.08 and a beta of 1.66. The company has a 50-day moving average price of $578.28 and a two-hundred day moving average price of $479.17. Spotify Technology S.A. has a twelve month low of $260.80 and a twelve month high of $652.63.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on SPOT shares. UBS Group raised their target price on shares of Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. Wolfe Research reaffirmed a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. Rosenblatt Securities reissued a “neutral” rating and set a $658.00 price target (up from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. Benchmark upped their price objective on Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. 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 research note on Friday, February 14th. Nine investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $552.47.

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.