Corebridge Financial Inc. Invests $10.54 Million in Spotify Technology S.A. (NYSE:SPOT)

Corebridge Financial Inc. purchased a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 23,554 shares of the company’s stock, valued at approximately $10,538,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Congress Wealth Management LLC DE raised its position in shares of Spotify Technology by 51.0% during the 4th quarter. Congress Wealth Management LLC DE now owns 992 shares of the company’s stock worth $444,000 after buying an additional 335 shares in the last quarter. Vanguard Group Inc. raised its holdings in Spotify Technology by 28.9% during the fourth quarter. Vanguard Group Inc. now owns 885,795 shares of the company’s stock worth $396,287,000 after purchasing an additional 198,718 shares in the last quarter. LPL Financial LLC lifted its position in Spotify Technology by 32.5% in the fourth quarter. LPL Financial LLC now owns 83,364 shares of the company’s stock worth $37,295,000 after purchasing an additional 20,426 shares during the period. KLP Kapitalforvaltning AS bought a new position in Spotify Technology during the 4th quarter valued at $56,549,000. Finally, Hillsdale Investment Management Inc. acquired a new position in shares of Spotify Technology during the 4th quarter valued at $27,000. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on SPOT shares. Rosenblatt Securities restated a “neutral” rating and issued a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology 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 research report on Monday, February 24th. Morgan Stanley lifted their price objective on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Canaccord Genuity Group increased their target price on shares of Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Finally, UBS Group upped their price target on Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. Eight analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and an average price target of $547.55.

Spotify Technology Trading Down 6.3 %

SPOT opened at $576.86 on Thursday. The stock has a fifty day moving average price of $575.00 and a 200 day moving average price of $474.75. Spotify Technology S.A. has a 1 year low of $257.56 and a 1 year high of $652.63. The stock has a market cap of $118.09 billion, a price-to-earnings ratio of 96.95 and a beta of 1.66.

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.