Korea Investment CORP Makes New $52.31 Million Investment in Spotify Technology S.A. (NYSE:SPOT)

Korea Investment CORP purchased a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 116,915 shares of the company’s stock, valued at approximately $52,305,000.

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

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SPOT. Citigroup upped their price target on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Wolfe Research restated a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. Benchmark lifted their price target on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Canaccord Genuity Group increased their price objective on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $658.00 target price (up from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Eight analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $547.55.

Spotify Technology Price Performance

SPOT opened at $580.27 on Friday. The company has a market capitalization of $118.79 billion, a PE ratio of 97.52 and a beta of 1.66. Spotify Technology S.A. has a fifty-two week low of $258.00 and a fifty-two week high of $652.63. The business has a 50-day moving average of $576.80 and a 200-day moving average of $475.48.

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.