Spotify Technology S.A. (NYSE:SPOT) Stock Position Raised by Banco BTG Pactual S.A.

Banco BTG Pactual S.A. increased its stake in Spotify Technology S.A. (NYSE:SPOT) by 68.0% during the fourth quarter, HoldingsChannel.com reports. The fund owned 3,622 shares of the company’s stock after buying an additional 1,466 shares during the period. Banco BTG Pactual S.A.’s holdings in Spotify Technology were worth $1,658,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Jennison Associates LLC acquired a new position in Spotify Technology in the 4th quarter worth about $1,335,575,000. Marks Group Wealth Management Inc acquired a new position in Spotify Technology in the fourth quarter worth approximately $535,000. Patriot Financial Group Insurance Agency LLC bought a new position in Spotify Technology during the fourth quarter valued at approximately $214,000. Kestra Investment Management LLC acquired a new stake in Spotify Technology in the third quarter valued at approximately $780,000. Finally, Swedbank AB grew its position in Spotify Technology by 20.9% in the fourth quarter. Swedbank AB now owns 946,129 shares of the company’s stock worth $423,279,000 after acquiring an additional 163,626 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Up 1.8 %

Shares of NYSE:SPOT opened at $615.84 on Wednesday. The firm has a market cap of $126.07 billion, a P/E ratio of 103.50 and a beta of 1.66. Spotify Technology S.A. has a 12 month low of $257.56 and a 12 month high of $652.63. The company’s 50-day moving average price is $573.25 and its two-hundred day moving average price is $474.03.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Cantor Fitzgerald reissued a “neutral” rating and issued a $480.00 price objective (down from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Benchmark lifted their price target on shares of Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. UBS Group upped their price objective on shares of Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. The Goldman Sachs Group lifted their target price on shares of Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. Finally, Macquarie upped their price target on shares of Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Eight analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $540.68.

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.