Victory Capital Management Inc. Takes Position in Spotify Technology S.A. (NYSE:SPOT)

Victory Capital Management Inc. bought a new stake in Spotify Technology S.A. (NYSE:SPOT) in the 4th quarter, HoldingsChannel reports. The institutional investor bought 44,611 shares of the company’s stock, valued at approximately $19,958,000.

Other institutional investors have also added to or reduced their stakes in the company. Auxano Advisors LLC grew its holdings in shares of Spotify Technology by 2.5% during the 4th quarter. Auxano Advisors LLC now owns 828 shares of the company’s stock worth $370,000 after purchasing an additional 20 shares in the last quarter. SRS Capital Advisors Inc. lifted its holdings in shares of Spotify Technology by 4.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 573 shares of the company’s stock worth $256,000 after acquiring an additional 25 shares during the period. First Horizon Advisors Inc. boosted its position in shares of Spotify Technology by 5.8% during the 3rd quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock valued at $176,000 after acquiring an additional 26 shares in the last quarter. Joel Isaacson & Co. LLC increased its stake in Spotify Technology by 1.9% in the fourth quarter. Joel Isaacson & Co. LLC now owns 1,559 shares of the company’s stock valued at $697,000 after acquiring an additional 29 shares during the period. Finally, Avior Wealth Management LLC raised its position in Spotify Technology by 12.0% in the third quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock worth $104,000 after purchasing an additional 30 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $507.66 on Wednesday. Spotify Technology S.A. has a fifty-two week low of $249.58 and a fifty-two week high of $652.63. The firm has a market capitalization of $103.92 billion, a P/E ratio of 85.32 and a beta of 1.66. The company’s 50 day simple moving average is $549.75 and its 200 day simple moving average is $456.64.

Analysts Set New Price Targets

SPOT has been the topic of a number of recent research reports. TD Cowen lifted their price objective on Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. Barclays upped their price target on Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Cantor Fitzgerald restated a “neutral” rating and issued a $480.00 target price (down previously from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Bank of America increased their target price on shares of Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, UBS Group boosted their price target 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. Eight investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $540.68.

Spotify Technology Company 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.