1,789,809 Shares in Spotify Technology S.A. (NYSE:SPOT) Acquired by GQG Partners LLC

GQG Partners LLC bought a new stake in Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,789,809 shares of the company’s stock, valued at approximately $800,725,000. Spotify Technology makes up approximately 1.2% of GQG Partners LLC’s holdings, making the stock its 28th biggest position. GQG Partners LLC owned approximately 0.90% of Spotify Technology as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. PNC Financial Services Group Inc. grew its holdings in shares of Spotify Technology by 12.4% during the third quarter. PNC Financial Services Group Inc. now owns 11,763 shares of the company’s stock worth $4,335,000 after buying an additional 1,299 shares in the last quarter. Intech Investment Management LLC grew its stake in Spotify Technology by 57.0% in the 3rd quarter. Intech Investment Management LLC now owns 1,699 shares of the company’s stock worth $626,000 after acquiring an additional 617 shares during the period. Great Valley Advisor Group Inc. grew its stake in Spotify Technology by 4.3% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 2,125 shares of the company’s stock worth $783,000 after acquiring an additional 87 shares during the period. Cerity Partners LLC raised its holdings in Spotify Technology by 11.8% in the 3rd quarter. Cerity Partners LLC now owns 33,321 shares of the company’s stock valued at $12,280,000 after acquiring an additional 3,524 shares during the last quarter. Finally, Algert Global LLC lifted its stake in shares of Spotify Technology by 703.1% during the 3rd quarter. Algert Global LLC now owns 11,999 shares of the company’s stock worth $4,422,000 after purchasing an additional 10,505 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Ratings Changes

SPOT has been the subject of several analyst reports. Rosenblatt Securities reiterated a “neutral” rating and issued a $658.00 target price (up from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. Barclays upped their price target 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. Canaccord Genuity Group lifted their price target on shares of Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Guggenheim restated a “buy” rating and set a $675.00 price objective on shares of Spotify Technology in a report on Monday, February 24th. Finally, Morgan Stanley lifted their target price on Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Eight equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus price target of $540.68.

Spotify Technology Price Performance

Shares of SPOT stock opened at $605.18 on Tuesday. The firm has a fifty day moving average of $570.20 and a two-hundred day moving average of $471.97. The firm has a market cap of $123.88 billion, a P/E ratio of 101.71 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.

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.