Spotify Technology S.A. (NYSE:SPOT) Shares Bought by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lifted its holdings in Spotify Technology S.A. (NYSE:SPOT) by 8.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 636,266 shares of the company’s stock after purchasing an additional 46,882 shares during the period. Envestnet Asset Management Inc.’s holdings in Spotify Technology were worth $284,653,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Jennison Associates LLC acquired a new position in Spotify Technology in the fourth quarter worth approximately $1,335,575,000. GQG Partners LLC acquired a new position in shares of Spotify Technology in the 4th quarter valued at $800,725,000. Forsta AP Fonden purchased a new position in Spotify Technology in the 4th quarter worth about $619,600,000. Geode Capital Management LLC raised its holdings in Spotify Technology by 561.6% during the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock worth $659,841,000 after buying an additional 1,259,183 shares during the period. Finally, Norges Bank purchased a new stake in Spotify Technology during the fourth quarter valued at about $396,028,000. 84.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SPOT. 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. Barclays boosted their target price on shares of Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Benchmark lifted their price target on Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Canaccord Genuity Group increased their price objective on Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Finally, Citigroup lifted their target price on Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research note on Friday, February 14th. Nine analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $557.47.

Spotify Technology Trading Down 9.9 %

NYSE SPOT opened at $502.90 on Friday. The company has a market cap of $102.95 billion, a P/E ratio of 84.52 and a beta of 1.75. Spotify Technology S.A. has a 1 year low of $267.76 and a 1 year high of $652.63. The company has a fifty day simple moving average of $583.28 and a 200 day simple moving average of $485.42.

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.