Proficio Capital Partners LLC Acquires New Stake in Spotify Technology S.A. (NYSE:SPOT)

Proficio Capital Partners LLC acquired a new position in shares of Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 628 shares of the company’s stock, valued at approximately $281,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Jennison Associates LLC acquired a new position in shares of Spotify Technology in the fourth quarter worth $1,335,575,000. Forsta AP Fonden purchased a new stake in Spotify Technology during the 4th quarter worth $619,600,000. FMR LLC boosted its holdings in Spotify Technology by 23.4% in the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after acquiring an additional 297,035 shares during the period. Janus Henderson Group PLC grew its stake in shares of Spotify Technology by 3,948.3% during the third quarter. Janus Henderson Group PLC now owns 264,233 shares of the company’s stock valued at $97,329,000 after acquiring an additional 257,706 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position 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 valued at $275,680,000 after purchasing an additional 206,650 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $576.86 on Thursday. Spotify Technology S.A. has a twelve month low of $257.56 and a twelve month high of $652.63. The firm has a market cap of $118.09 billion, a P/E ratio of 96.95 and a beta of 1.66. The firm’s 50-day simple moving average is $575.00 and its 200-day simple moving average is $474.75.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on SPOT shares. UBS Group boosted their price target on Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. Cantor Fitzgerald restated a “neutral” rating and issued a $480.00 price objective (down previously from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. Macquarie boosted their target price on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Wells Fargo & Company raised their price objective on Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Finally, The Goldman Sachs Group boosted their target price on Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Eight analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $547.55.

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.