Los Angeles Capital Management LLC Has $19.78 Million Stake in Spotify Technology S.A. (NYSE:SPOT)

Los Angeles Capital Management LLC lifted its holdings in Spotify Technology S.A. (NYSE:SPOT) by 23.7% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 44,206 shares of the company’s stock after acquiring an additional 8,464 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Spotify Technology were worth $19,777,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Amalgamated Bank boosted its stake in shares of Spotify Technology by 0.7% in the 4th quarter. Amalgamated Bank now owns 10,300 shares of the company’s stock worth $4,608,000 after buying an additional 73 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Spotify Technology by 50.5% in the 4th quarter. Bank of New York Mellon Corp now owns 616,211 shares of the company’s stock worth $275,680,000 after buying an additional 206,650 shares during the last quarter. IFP Advisors Inc boosted its stake in shares of Spotify Technology by 51.3% in the 4th quarter. IFP Advisors Inc now owns 578 shares of the company’s stock worth $259,000 after buying an additional 196 shares during the last quarter. Colonial River Investments LLC boosted its stake in shares of Spotify Technology by 6.1% in the 4th quarter. Colonial River Investments LLC now owns 1,771 shares of the company’s stock worth $792,000 after buying an additional 102 shares during the last quarter. Finally, C WorldWide Group Holding A S purchased a new position in shares of Spotify Technology in the 4th quarter worth approximately $2,595,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on SPOT. Morgan Stanley boosted their target price on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Bank of America upped their price objective on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Canaccord Genuity Group upped their price objective on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Benchmark upped their price objective on Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $480.00 price objective (down previously from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $529.43.

Spotify Technology Stock Performance

Spotify Technology stock opened at $588.06 on Wednesday. The stock has a market cap of $117.06 billion, a P/E ratio of 98.83 and a beta of 1.63. Spotify Technology S.A. has a fifty-two week low of $249.38 and a fifty-two week high of $652.63. The firm’s fifty day moving average price is $528.15 and its 200-day moving average price is $440.89.

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.