60,861 Shares in Spotify Technology S.A. (NYSE:SPOT) Acquired by Polen Capital Management LLC

Polen Capital Management LLC purchased a new position in Spotify Technology S.A. (NYSE:SPOT) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 60,861 shares of the company’s stock, valued at approximately $27,228,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Prestige Wealth Management Group LLC acquired a new position in Spotify Technology in the 3rd quarter worth approximately $26,000. Hobbs Group Advisors LLC purchased a new stake in Spotify Technology in the 3rd quarter worth approximately $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 worth $36,000 after purchasing an additional 33 shares in the last quarter. Quent Capital LLC boosted its position in Spotify Technology by 135.7% in the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after purchasing an additional 57 shares in the last quarter. Finally, Noble Wealth Management PBC purchased a new stake in Spotify Technology in the 4th quarter worth approximately $52,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Up 7.1 %

Shares of NYSE:SPOT opened at $576.02 on Monday. The business has a 50-day moving average price of $555.35 and a 200 day moving average price of $461.13. The company has a market capitalization of $117.92 billion, a price-to-earnings ratio of 96.81 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.

Wall Street Analyst Weigh In

Several research firms have commented on SPOT. Macquarie upped their price objective on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. UBS Group increased their target price on Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. Cantor Fitzgerald reiterated a “neutral” rating and set a $480.00 target price (down previously from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. Guggenheim reiterated a “buy” rating and set a $675.00 target price on shares of Spotify Technology in a research report on Monday, February 24th. Finally, Barclays increased their target price on Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Eight equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $540.68.

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.