Next Capital Management LLC Buys New Stake in Spotify Technology S.A. (NYSE:SPOT)

Next Capital Management LLC purchased a new position in shares of Spotify Technology S.A. (NYSE:SPOT) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 860 shares of the company’s stock, valued at approximately $385,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SPOT. Massachusetts Financial Services Co. MA grew 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 worth $1,286,969,000 after purchasing an additional 102,786 shares during the last quarter. Jennison Associates LLC bought a new stake in Spotify Technology during the fourth quarter worth about $1,335,575,000. State Street Corp increased its holdings in shares of Spotify Technology by 1.5% during the third quarter. State Street Corp now owns 1,997,323 shares of the company’s stock worth $736,073,000 after buying an additional 28,864 shares in the last quarter. FMR LLC raised its stake in shares of Spotify Technology by 23.4% in the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after acquiring an additional 297,035 shares during the last quarter. Finally, Forsta AP Fonden bought a new position in shares of Spotify Technology in the fourth quarter valued at approximately $619,600,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Down 4.7 %

NYSE:SPOT opened at $569.63 on Wednesday. Spotify Technology S.A. has a 1 year low of $249.58 and a 1 year high of $652.63. The stock has a 50-day moving average price of $560.06 and a two-hundred day moving average price of $464.55. The stock has a market cap of $116.61 billion, a price-to-earnings ratio of 95.74 and a beta of 1.66.

Analyst Ratings Changes

A number of research firms recently commented on SPOT. Wolfe Research restated a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. Barclays raised their target price on Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. The Goldman Sachs Group upped their price target on shares of Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. Guggenheim reaffirmed a “buy” rating and issued a $675.00 target price on shares of Spotify Technology in a research note on Monday, February 24th. Finally, Macquarie increased their price target on shares of Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Eight analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $540.68.

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.