Zurcher Kantonalbank Zurich Cantonalbank Boosts Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 4,110.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 92,164 shares of the company’s stock after purchasing an additional 89,975 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Spotify Technology were worth $41,232,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of SPOT. Schaper Benz & Wise Investment Counsel Inc. WI raised its stake in Spotify Technology by 1.8% in the fourth quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 18,424 shares of the company’s stock worth $8,243,000 after buying an additional 333 shares in the last quarter. Personal CFO Solutions LLC raised its stake in Spotify Technology by 4.2% in the fourth quarter. Personal CFO Solutions LLC now owns 2,686 shares of the company’s stock worth $1,202,000 after buying an additional 109 shares in the last quarter. Amundi raised its stake in Spotify Technology by 194.2% in the fourth quarter. Amundi now owns 750,030 shares of the company’s stock worth $359,812,000 after buying an additional 495,087 shares in the last quarter. Dorsey & Whitney Trust CO LLC bought a new position in Spotify Technology in the fourth quarter worth about $268,000. Finally, Larson Financial Group LLC raised its stake in Spotify Technology by 48.5% in the fourth quarter. Larson Financial Group LLC now owns 144 shares of the company’s stock worth $64,000 after buying an additional 47 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Trading Down 8.3 %

NYSE:SPOT opened at $488.00 on Tuesday. Spotify Technology S.A. has a 12 month low of $249.58 and a 12 month high of $652.63. The company has a market cap of $99.90 billion, a PE ratio of 82.02 and a beta of 1.66. The company has a 50 day simple moving average of $548.54 and a two-hundred day simple moving average of $455.47.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on SPOT shares. Phillip Securities reissued an “accumulate” rating and issued a $485.00 price target (up from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. Benchmark increased their price target on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Rosenblatt Securities reissued a “neutral” rating and issued a $658.00 price target (up from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. TD Cowen increased their price target on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research note on Wednesday, November 13th. Finally, Wolfe Research reaffirmed a “peer perform” rating on shares of Spotify Technology in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus target price of $529.43.

About Spotify Technology

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.