Gulf International Bank UK Ltd Buys New Shares in Spotify Technology S.A. (NYSE:SPOT)

Gulf International Bank UK Ltd purchased a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,183 shares of the company’s stock, valued at approximately $5,003,000.

A number of other hedge funds have also recently bought and sold shares of the stock. First Horizon Advisors Inc. grew its position in shares of Spotify Technology by 5.8% in the 3rd quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock valued at $176,000 after acquiring an additional 26 shares during the period. Joel Isaacson & Co. LLC lifted its stake in Spotify Technology by 1.9% in the 4th quarter. Joel Isaacson & Co. LLC now owns 1,559 shares of the company’s stock valued at $697,000 after purchasing an additional 29 shares during the last quarter. Avior Wealth Management LLC grew its holdings in Spotify Technology by 12.0% during the third quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock worth $104,000 after purchasing an additional 30 shares during the period. Park National Corp OH increased its position in Spotify Technology by 4.1% during the fourth quarter. Park National Corp OH now owns 793 shares of the company’s stock worth $355,000 after buying an additional 31 shares during the last quarter. Finally, Washington Trust Advisors Inc. raised its stake in Spotify Technology by 12.0% in the third quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock valued at $110,000 after buying an additional 32 shares during the period. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $590.28 on Friday. The company’s 50 day simple moving average is $533.95 and its 200 day simple moving average is $443.05. Spotify Technology S.A. has a 1 year low of $249.38 and a 1 year high of $652.63. The stock has a market capitalization of $117.50 billion, a price-to-earnings ratio of 99.21 and a beta of 1.63.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SPOT. KeyCorp lifted their target price on Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Macquarie lifted their price objective on shares of Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. TD Cowen increased their price objective on shares of Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a research report on Wednesday, November 13th. Pivotal Research raised their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, The Goldman Sachs Group upped their price target on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $529.43.

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.