William Blair Investment Management LLC Purchases Shares of 261,255 Spotify Technology S.A. (NYSE:SPOT)

William Blair Investment Management LLC purchased a new stake in Spotify Technology S.A. (NYSE:SPOT) during the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 261,255 shares of the company’s stock, valued at approximately $116,880,000.

Other institutional investors also recently modified their holdings of the company. Signaturefd LLC raised its stake in Spotify Technology by 67.9% during the 4th quarter. Signaturefd LLC now owns 3,209 shares of the company’s stock valued at $1,436,000 after purchasing an additional 1,298 shares during the period. Parallel Advisors LLC raised its stake in Spotify Technology by 154.1% during the 4th quarter. Parallel Advisors LLC now owns 2,483 shares of the company’s stock valued at $1,111,000 after purchasing an additional 1,506 shares during the period. Polen Capital Management LLC acquired a new stake in Spotify Technology during the 4th quarter valued at $27,228,000. Creative Financial Designs Inc. ADV raised its stake in Spotify Technology by 680.6% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 281 shares of the company’s stock valued at $126,000 after purchasing an additional 245 shares during the period. Finally, Harbour Investments Inc. raised its stake in Spotify Technology by 13.3% during the 4th quarter. Harbour Investments Inc. now owns 222 shares of the company’s stock valued at $99,000 after purchasing an additional 26 shares during the period. Institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Rosenblatt Securities reissued a “neutral” rating and set a $658.00 target price (up from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. UBS Group boosted their target price on shares of Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Wells Fargo & Company boosted their price target on shares of Spotify Technology from $520.00 to $690.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Guggenheim restated a “buy” rating and set a $675.00 price target on shares of Spotify Technology in a report on Monday, February 24th. Finally, Morgan Stanley boosted their price target on shares of Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Eight analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $540.68.

Spotify Technology Price Performance

Spotify Technology stock opened at $576.02 on Monday. The firm has a market cap of $117.92 billion, a price-to-earnings ratio of 96.81 and a beta of 1.66. 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 fifty day moving average price of $555.35 and a two-hundred day moving average price of $461.13.

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.