Andra AP fonden Invests $1.66 Million in Spotify Technology S.A. (NYSE:SPOT)

Andra AP fonden acquired a new position in Spotify Technology S.A. (NYSE:SPOT) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 3,700 shares of the company’s stock, valued at approximately $1,655,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Prestige Wealth Management Group LLC purchased a new position in shares of Spotify Technology in the 3rd quarter worth about $26,000. Hobbs Group Advisors LLC purchased a new stake in Spotify Technology during the 3rd quarter valued at about $33,000. Larson Financial Group LLC boosted its holdings in Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after acquiring an additional 33 shares during the period. Rakuten Securities Inc. boosted its holdings in Spotify Technology by 40.5% during the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after acquiring an additional 32 shares during the period. Finally, Quent Capital LLC boosted its holdings in Spotify Technology by 135.7% during the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after acquiring an additional 57 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SPOT has been the subject of several analyst reports. Cantor Fitzgerald restated a “neutral” rating and set a $480.00 target price (down from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. Bank of America increased their target price on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Citigroup increased their target price on Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Wells Fargo & Company increased their target price on Spotify Technology from $520.00 to $690.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Finally, Guggenheim reiterated a “buy” rating and issued a $675.00 price objective on shares of Spotify Technology in a report on Monday, February 24th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $529.43.

Spotify Technology Price Performance

SPOT stock opened at $531.15 on Monday. The company has a market cap of $108.73 billion, a P/E ratio of 89.27 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. The stock’s fifty day moving average price is $547.82 and its 200-day moving average price is $454.45.

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.