Mitsubishi UFJ Trust & Banking Corp Has $94.60 Million Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 39.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 211,450 shares of the company’s stock after purchasing an additional 59,871 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Spotify Technology were worth $94,599,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SPOT. Prestige Wealth Management Group LLC acquired a new stake in Spotify Technology in the 3rd quarter valued at about $26,000. Hillsdale Investment Management Inc. acquired a new stake in shares of Spotify Technology in the fourth quarter valued at approximately $27,000. Hobbs Group Advisors LLC acquired a new position in Spotify Technology during the 3rd quarter worth $33,000. Larson Financial Group LLC boosted its position in Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after buying an additional 33 shares during the last quarter. Finally, Quent Capital LLC increased its stake in shares of Spotify Technology by 135.7% in the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after buying an additional 57 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

NYSE SPOT opened at $605.18 on Tuesday. The firm has a 50-day moving average of $570.20 and a 200-day moving average of $471.97. Spotify Technology S.A. has a 52-week low of $257.56 and a 52-week high of $652.63. The stock has a market cap of $123.88 billion, a PE ratio of 101.71 and a beta of 1.66.

Wall Street Analyst Weigh In

SPOT has been the topic of several research reports. Rosenblatt Securities reaffirmed a “neutral” rating and set a $658.00 price target (up previously from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. Cantor Fitzgerald restated a “neutral” rating and issued a $480.00 price objective (down from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. Benchmark upped their target price on shares of Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Canaccord Genuity Group raised their price target on Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Finally, Barclays upped their price target on Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Eight investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus 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.