Metis Global Partners LLC Invests $968,000 in Spotify Technology S.A. (NYSE:SPOT)

Metis Global Partners LLC bought a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) in the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 2,164 shares of the company’s stock, valued at approximately $968,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Prestige Wealth Management Group LLC acquired a new position in shares of Spotify Technology during the third quarter worth approximately $26,000. Hobbs Group Advisors LLC bought a new position in Spotify Technology during the third quarter worth $33,000. Larson Financial Group LLC raised its stake in Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares during the last quarter. Rakuten Securities Inc. boosted its holdings in Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after purchasing an additional 32 shares during the period. Finally, Quent Capital LLC grew its position 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 purchasing an additional 57 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $581.48 on Wednesday. Spotify Technology S.A. has a 52 week low of $249.58 and a 52 week high of $652.63. The stock has a market capitalization of $119.03 billion, a PE ratio of 97.73 and a beta of 1.66. The stock’s fifty day moving average is $542.15 and its 200-day moving average is $450.05.

Analyst Upgrades and Downgrades

SPOT has been the subject of a number of research analyst reports. Guggenheim reaffirmed a “buy” rating and set a $675.00 price objective on shares of Spotify Technology in a research report on Monday, February 24th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $480.00 price target (down previously from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. KeyCorp raised their price objective on Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Wells Fargo & Company boosted their price objective on Spotify Technology from $520.00 to $690.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Finally, Phillip Securities reaffirmed an “accumulate” rating and issued a $485.00 target price (up from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $529.43.

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.