Vinva Investment Management Ltd Invests $6.13 Million in Spotify Technology S.A. (NYSE:SPOT)

Vinva Investment Management Ltd acquired a new position in shares of Spotify Technology S.A. (NYSE:SPOT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 13,576 shares of the company’s stock, valued at approximately $6,134,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Prestige Wealth Management Group LLC purchased a new stake in Spotify Technology in the third quarter worth approximately $26,000. Hobbs Group Advisors LLC purchased a new stake in Spotify Technology in the third quarter worth approximately $33,000. Larson Financial Group LLC boosted its stake in Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after buying an additional 33 shares in the last quarter. Quent Capital LLC boosted its stake in Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after buying an additional 57 shares in the last quarter. Finally, Noble Wealth Management PBC purchased a new stake in Spotify Technology in the fourth quarter worth approximately $52,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Down 4.7 %

SPOT opened at $569.63 on Wednesday. The stock has a fifty day simple moving average of $560.06 and a two-hundred day simple moving average of $464.55. The company has a market cap of $116.61 billion, a price-to-earnings ratio of 95.74 and a beta of 1.66. Spotify Technology S.A. has a 12-month low of $249.58 and a 12-month high of $652.63.

Analysts Set New Price Targets

Several analysts have issued reports on SPOT shares. The Goldman Sachs Group upped their target price on Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research note on Thursday, February 6th. Wells Fargo & Company boosted their price objective on Spotify Technology from $520.00 to $690.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Wolfe Research reiterated a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. UBS Group boosted their price objective on Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. Finally, Redburn Atlantic began coverage on Spotify Technology in a research report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 price objective for the company. Eight analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $540.68.

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.