PDS Planning Inc Takes $291,000 Position in Spotify Technology S.A. (NYSE:SPOT)

PDS Planning Inc acquired a new stake in Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 651 shares of the company’s stock, valued at approximately $291,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SPOT. Jennison Associates LLC acquired a new stake in shares of Spotify Technology in the fourth quarter valued at approximately $1,335,575,000. Forsta AP Fonden bought a new position in shares of Spotify Technology in the fourth quarter valued at $619,600,000. Amundi grew its stake in shares of Spotify Technology by 194.2% in the fourth quarter. Amundi now owns 750,030 shares of the company’s stock valued at $359,812,000 after buying an additional 495,087 shares in the last quarter. Swiss National Bank bought a new position in shares of Spotify Technology in the fourth quarter valued at $189,197,000. Finally, FMR LLC grew its stake in shares of Spotify Technology by 23.4% in the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after buying an additional 297,035 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Trading Down 4.7 %

Shares of NYSE SPOT opened at $569.63 on Wednesday. The company has a market cap of $116.61 billion, a price-to-earnings ratio of 95.74 and a beta of 1.66. Spotify Technology S.A. has a 12 month low of $249.58 and a 12 month high of $652.63. The stock has a 50-day moving average price of $560.06 and a two-hundred day moving average price of $464.55.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Wolfe Research reissued a “peer perform” rating on shares of Spotify Technology in a research note on Friday, January 17th. Citigroup raised their target price on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research note on Friday, February 14th. Guggenheim reissued a “buy” rating and issued a $675.00 target price on shares of Spotify Technology in a research note on Monday, February 24th. Macquarie raised their target price on shares of Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Finally, Wells Fargo & Company raised their target price on shares of Spotify Technology from $520.00 to $690.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Eight research analysts have rated the stock with a hold rating and twenty have assigned 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 $540.68.

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.