Mitsubishi UFJ Asset Management Co. Ltd. Makes New Investment in Spotify Technology S.A. (NYSE:SPOT)

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Spotify Technology S.A. (NYSE:SPOT) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 111,364 shares of the company’s stock, valued at approximately $51,972,000. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.06% of Spotify Technology at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Hillsdale Investment Management Inc. bought a new position in Spotify Technology in the 4th quarter valued at $27,000. Prestige Wealth Management Group LLC acquired a new position in shares of Spotify Technology during the third quarter valued at $26,000. Hobbs Group Advisors LLC bought a new position in Spotify Technology in the third quarter valued at about $33,000. Larson Financial Group LLC increased its position 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 purchasing an additional 33 shares during the period. Finally, Quent Capital LLC raised its holdings in Spotify Technology by 135.7% during the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after purchasing an additional 57 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 3.5 %

NYSE SPOT opened at $559.76 on Friday. The firm’s 50 day moving average is $578.28 and its 200-day moving average is $477.12. The company has a market capitalization of $114.59 billion, a PE ratio of 94.08 and a beta of 1.66. Spotify Technology S.A. has a 12-month low of $260.80 and a 12-month high of $652.63.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on SPOT shares. Wolfe Research reaffirmed a “peer perform” rating on shares of Spotify Technology in a research note on Friday, January 17th. UBS Group lifted their target price on shares of Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. FBN Securities began coverage on Spotify Technology in a research note on Friday. They issued a “sector perform” rating and a $645.00 price target on the stock. Morgan Stanley lifted their price objective on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Finally, Macquarie upped their price objective on Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Nine investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $552.47.

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.