885,216 Shares in Spotify Technology S.A. (NYSE:SPOT) Bought by Norges Bank

Norges Bank acquired a new position in shares of Spotify Technology S.A. (NYSE:SPOT) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 885,216 shares of the company’s stock, valued at approximately $396,028,000. Norges Bank owned 0.44% of Spotify Technology as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Blair William & Co. IL raised its position in shares of Spotify Technology by 84.8% during the 4th quarter. Blair William & Co. IL now owns 1,292 shares of the company’s stock worth $578,000 after purchasing an additional 593 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new position in shares of Spotify Technology during the fourth quarter valued at approximately $669,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Spotify Technology in the fourth quarter valued at approximately $51,972,000. Korea Investment CORP acquired a new stake in shares of Spotify Technology in the fourth quarter worth approximately $52,305,000. Finally, Banco BTG Pactual S.A. increased its position in shares of Spotify Technology by 68.0% during the fourth quarter. Banco BTG Pactual S.A. now owns 3,622 shares of the company’s stock worth $1,658,000 after purchasing an additional 1,466 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. UBS Group lifted their target price on shares of Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. The Goldman Sachs Group boosted 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. FBN Securities assumed coverage on shares of Spotify Technology in a report on Friday. They issued a “sector perform” rating and a $645.00 price objective for the company. Cantor Fitzgerald restated 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. Finally, Benchmark increased their price target on Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Nine research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $552.47.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $559.76 on Friday. Spotify Technology S.A. has a fifty-two week low of $260.80 and a fifty-two week high of $652.63. The company has a 50 day moving average price of $578.28 and a 200 day moving average price of $478.17. The stock has a market capitalization of $114.59 billion, a P/E ratio of 94.08 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.