Central Asset Investments & Management Holdings HK Ltd Takes $325,000 Position in Spotify Technology S.A. (NYSE:SPOT)

Central Asset Investments & Management Holdings HK Ltd purchased a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) during the 4th quarter, Holdings Channel reports. The fund purchased 726 shares of the company’s stock, valued at approximately $325,000.

Several other hedge funds have also recently bought and sold shares of SPOT. K.J. Harrison & Partners Inc grew its stake in Spotify Technology by 100.0% during the 4th quarter. K.J. Harrison & Partners Inc now owns 10,000 shares of the company’s stock valued at $4,578,000 after acquiring an additional 5,000 shares in the last quarter. New York Life Investment Management LLC acquired a new stake in shares of Spotify Technology during the fourth quarter worth approximately $239,000. NewEdge Wealth LLC lifted its position in Spotify Technology by 64.2% in the 4th quarter. NewEdge Wealth LLC now owns 2,929 shares of the company’s stock worth $1,310,000 after buying an additional 1,145 shares in the last quarter. Whipplewood Advisors LLC acquired a new stake in shares of Spotify Technology during the 4th quarter valued at $133,000. Finally, Lake Street Advisors Group LLC grew its holdings in shares of Spotify Technology by 82.4% during the 4th quarter. Lake Street Advisors Group LLC now owns 2,707 shares of the company’s stock valued at $1,211,000 after acquiring an additional 1,223 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

Shares of SPOT opened at $602.53 on Thursday. The business has a 50-day moving average of $531.23 and a 200-day moving average of $442.02. Spotify Technology S.A. has a 1 year low of $249.38 and a 1 year high of $652.63. The company has a market capitalization of $119.94 billion, a price-to-earnings ratio of 101.27 and a beta of 1.63.

Wall Street Analysts Forecast Growth

SPOT has been the subject of a number of research reports. Macquarie lifted their price objective on Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Bank of America lifted their price target on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Phillip Securities restated an “accumulate” rating and issued a $485.00 price objective (up previously from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $480.00 target price (down from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Finally, Guggenheim restated a “buy” rating and set a $675.00 price target on shares of Spotify Technology in a research note on Monday. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $529.43.

Spotify Technology 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.