Proficio Capital Partners LLC Takes Position in Spotify Technology S.A. (NYSE:SPOT)

Proficio Capital Partners LLC purchased a new stake in Spotify Technology S.A. (NYSE:SPOT) in the fourth quarter, according to its most recent filing with the SEC. The fund purchased 280,955 shares of the company’s stock, valued at approximately $125,694,000. Proficio Capital Partners LLC owned about 0.14% of Spotify Technology at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the company. WCM Investment Management LLC increased its holdings in shares of Spotify Technology by 18.5% in the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after acquiring an additional 605,755 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of Spotify Technology by 3.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock valued at $1,286,969,000 after acquiring an additional 102,786 shares during the last quarter. Jennison Associates LLC bought a new stake in shares of Spotify Technology in the 4th quarter valued at approximately $1,335,575,000. State Street Corp boosted its position in Spotify Technology by 1.5% during the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after purchasing an additional 28,864 shares during the period. Finally, FMR LLC boosted its position in Spotify Technology by 23.4% during the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after purchasing an additional 297,035 shares during the period. 84.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on SPOT shares. Benchmark boosted their price objective on Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Citigroup boosted their price objective on Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. The Goldman Sachs Group boosted their price objective on Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research report on Thursday, February 6th. KeyCorp boosted their price objective on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $480.00 price objective (down previously from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $529.43.

Spotify Technology Stock Down 2.1 %

Shares of Spotify Technology stock opened at $590.28 on Friday. The firm has a market cap of $117.50 billion, a price-to-earnings ratio of 99.21 and a beta of 1.63. The business has a fifty day simple moving average of $533.95 and a 200-day simple moving average of $443.05. Spotify Technology S.A. has a fifty-two week low of $249.38 and a fifty-two week high of $652.63.

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.