KLP Kapitalforvaltning AS Invests $56.55 Million in Spotify Technology S.A. (NYSE:SPOT)

KLP Kapitalforvaltning AS bought a new position in Spotify Technology S.A. (NYSE:SPOT) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 126,400 shares of the company’s stock, valued at approximately $56,549,000. KLP Kapitalforvaltning AS owned 0.06% of Spotify Technology as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in SPOT. Jennison Associates LLC acquired a new stake in shares of Spotify Technology in the fourth quarter valued at about $1,335,575,000. Marks Group Wealth Management Inc acquired a new stake in shares of Spotify Technology in the fourth quarter valued at about $535,000. Patriot Financial Group Insurance Agency LLC acquired a new stake in shares of Spotify Technology in the fourth quarter valued at about $214,000. Covenant Asset Management LLC acquired a new position in Spotify Technology during the third quarter worth about $3,364,000. Finally, Kestra Investment Management LLC acquired a new position in Spotify Technology during the third quarter worth about $780,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Spotify Technology stock opened at $599.64 on Friday. The firm has a market cap of $122.75 billion, a price-to-earnings ratio of 100.78 and a beta of 1.66. Spotify Technology S.A. has a 1 year low of $257.56 and a 1 year high of $652.63. The firm’s 50 day moving average price is $567.23 and its two-hundred day moving average price is $468.06.

Analysts Set New Price Targets

A number of brokerages have issued reports on SPOT. Barclays lifted their target price on shares of Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. The Goldman Sachs Group lifted their target price on shares of Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. KeyCorp lifted their price target on shares of Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. JPMorgan Chase & Co. lifted their price target on shares of Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Finally, Benchmark lifted their price target on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Eight investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus 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.