Engineers Gate Manager LP boosted its position in shares of Spotify Technology S.A. (NYSE:SPOT – Get Rating) by 466.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 34,213 shares of the company’s stock after acquiring an additional 28,174 shares during the period. Engineers Gate Manager LP’s holdings in Spotify Technology were worth $5,167,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also made changes to their positions in the company. UMB Bank N A MO purchased a new position in shares of Spotify Technology in the fourth quarter worth about $26,000. Lazard Asset Management LLC acquired a new position in shares of Spotify Technology in the fourth quarter valued at approximately $26,000. Baldwin Brothers LLC MA grew its holdings in shares of Spotify Technology by 41.5% in the first quarter. Baldwin Brothers LLC MA now owns 283 shares of the company’s stock valued at $43,000 after purchasing an additional 83 shares in the last quarter. MBM Wealth Consultants LLC acquired a new position in Spotify Technology during the 1st quarter worth approximately $45,000. Finally, Quadrant Capital Group LLC grew its holdings in Spotify Technology by 84.4% during the 1st quarter. Quadrant Capital Group LLC now owns 343 shares of the company’s stock worth $51,000 after acquiring an additional 157 shares in the last quarter. Hedge funds and other institutional investors own 55.32% of the company’s stock.
Spotify Technology Stock Performance
Shares of Spotify Technology stock opened at $110.28 on Friday. The stock has a market capitalization of $20.98 billion, a PE ratio of -79.34 and a beta of 1.81. Spotify Technology S.A. has a 52-week low of $89.03 and a 52-week high of $305.60. The company has a 50-day simple moving average of $110.29 and a two-hundred day simple moving average of $117.43.
Analyst Upgrades and Downgrades
Several equities research analysts have recently commented on SPOT shares. UBS Group cut their price target on Spotify Technology from $185.00 to $142.00 and set a “neutral” rating for the company in a research note on Thursday, July 28th. Citigroup decreased their price target on Spotify Technology from $150.00 to $145.00 and set a “buy” rating on the stock in a research note on Thursday, July 28th. Bank of America raised their price objective on Spotify Technology from $137.00 to $164.00 and gave the stock a “buy” rating in a report on Thursday, June 9th. The Goldman Sachs Group dropped their target price on Spotify Technology from $150.00 to $133.00 and set a “neutral” rating on the stock in a report on Thursday, June 9th. Finally, Evercore ISI dropped their price objective on Spotify Technology from $235.00 to $230.00 and set an “outperform” rating on the stock in a report on Thursday, July 7th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, Spotify Technology currently has an average rating of “Hold” and an average target price of $183.42.
Spotify Technology Company Profile
Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.
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