Franklin Resources Inc. Buys 224,005 Shares of Spotify Technology S.A. (NYSE:SPOT)

Franklin Resources Inc. grew its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 34.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 865,725 shares of the company’s stock after acquiring an additional 224,005 shares during the period. Franklin Resources Inc. owned about 0.43% of Spotify Technology worth $387,308,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Prestige Wealth Management Group LLC bought a new position in Spotify Technology during the third quarter valued at $26,000. Hillsdale Investment Management Inc. purchased a new position in shares of Spotify Technology during the 4th quarter valued at $27,000. Hobbs Group Advisors LLC bought a new position in shares of Spotify Technology during the 3rd quarter worth $33,000. Quent Capital LLC increased its holdings in Spotify Technology by 135.7% in the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after acquiring an additional 57 shares during the last quarter. Finally, Noble Wealth Management PBC purchased a new stake in Spotify Technology in the 4th quarter worth about $52,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

SPOT has been the subject of a number of research reports. Wolfe Research reiterated a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. The Goldman Sachs Group raised their price objective 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. Barclays lifted their price objective on shares of Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. UBS Group increased their target price on Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Finally, Benchmark raised their price target on Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Nine investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $552.47.

Spotify Technology Stock Performance

SPOT stock opened at $551.10 on Tuesday. The firm’s fifty day moving average is $579.58 and its 200 day moving average is $480.67. Spotify Technology S.A. has a 52 week low of $260.80 and a 52 week high of $652.63. The firm has a market cap of $112.81 billion, a P/E ratio of 92.62 and a beta of 1.66.

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.