West Michigan Advisors LLC Makes New Investment in Spotify Technology S.A. (NYSE:SPOT)

West Michigan Advisors LLC purchased a new position in shares of Spotify Technology S.A. (NYSE:SPOT) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 1,418 shares of the company’s stock, valued at approximately $634,000.

A number of other institutional investors have also recently modified their holdings of SPOT. Jennison Associates LLC acquired a new stake in shares of Spotify Technology during the 4th quarter valued at about $1,335,575,000. Forsta AP Fonden acquired a new stake in shares of Spotify Technology during the 4th quarter valued at about $619,600,000. WCM Investment Management LLC grew its position in shares of Spotify Technology by 18.5% during the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after acquiring an additional 605,755 shares during the period. FMR LLC grew its position in shares of Spotify Technology by 23.4% during the 3rd 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 period. Finally, Proficio Capital Partners LLC acquired a new stake in shares of Spotify Technology during the 4th quarter valued at about $125,694,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Morgan Stanley raised their target price on Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Benchmark raised their target price on Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Piper Sandler raised their price target on shares of Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. raised their price target on shares of Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Finally, Barclays raised their price target 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. One analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and a consensus price target of $529.43.

Spotify Technology Stock Performance

SPOT stock opened at $608.16 on Friday. The firm has a market cap of $121.06 billion, a PE ratio of 102.21 and a beta of 1.63. The firm’s 50 day moving average price is $536.90 and its 200-day moving average price is $444.91. Spotify Technology S.A. has a one year low of $249.58 and a one year high of $652.63.

Spotify Technology Company 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.