Meiji Yasuda Asset Management Co Ltd. Buys New Shares in Spotify Technology S.A. (NYSE:SPOT)

Meiji Yasuda Asset Management Co Ltd. purchased a new position in Spotify Technology S.A. (NYSE:SPOT) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,038 shares of the company’s stock, valued at approximately $464,000.

Several other institutional investors have also added to or reduced their stakes in the business. TD Asset Management Inc. increased its holdings in shares of Spotify Technology by 3.9% in the fourth quarter. TD Asset Management Inc. now owns 252,714 shares of the company’s stock worth $113,059,000 after buying an additional 9,472 shares during the period. GQG Partners LLC purchased a new position in Spotify Technology in the 4th quarter worth approximately $800,725,000. Zevenbergen Capital Investments LLC lifted its position in Spotify Technology by 3.9% in the fourth quarter. Zevenbergen Capital Investments LLC now owns 165,331 shares of the company’s stock valued at $73,966,000 after purchasing an additional 6,140 shares during the last quarter. Prudential Financial Inc. boosted its stake in shares of Spotify Technology by 128.3% during the fourth quarter. Prudential Financial Inc. now owns 13,676 shares of the company’s stock valued at $6,118,000 after purchasing an additional 7,685 shares during the period. Finally, Interchange Capital Partners LLC bought a new position in shares of Spotify Technology in the fourth quarter worth approximately $243,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $580.27 on Friday. Spotify Technology S.A. has a 1 year low of $258.00 and a 1 year high of $652.63. The firm’s 50-day moving average is $576.80 and its 200 day moving average is $475.48. The stock has a market cap of $118.79 billion, a price-to-earnings ratio of 97.52 and a beta of 1.66.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SPOT. Canaccord Genuity Group upped 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. Cantor Fitzgerald reiterated a “neutral” rating and set a $480.00 target price (down from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. Rosenblatt Securities restated a “neutral” rating and set a $658.00 price target (up previously from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Barclays increased their price objective on Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Finally, Wolfe Research reissued a “peer perform” rating on shares of Spotify Technology in a research note on Friday, January 17th. Eight analysts have rated the stock with a hold rating and twenty-one have given 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 target price of $547.55.

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.