MIG Capital LLC Invests $331,000 in Spotify Technology S.A. (NYSE:SPOT)

MIG Capital LLC acquired a new stake in Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund acquired 739 shares of the company’s stock, valued at approximately $331,000.

Several other institutional investors have also added to or reduced their stakes in SPOT. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Spotify Technology by 34.8% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,189 shares of the company’s stock valued at $807,000 after buying an additional 565 shares in the last quarter. HighTower Advisors LLC boosted its holdings in shares of Spotify Technology by 25.2% in the third quarter. HighTower Advisors LLC now owns 16,549 shares of the company’s stock worth $6,073,000 after acquiring an additional 3,330 shares during the period. Integrated Wealth Concepts LLC grew its position in shares of Spotify Technology by 5.6% in the third quarter. Integrated Wealth Concepts LLC now owns 1,743 shares of the company’s stock valued at $642,000 after purchasing an additional 93 shares in the last quarter. Royal London Asset Management Ltd. raised its stake in shares of Spotify Technology by 6.8% during the 3rd quarter. Royal London Asset Management Ltd. now owns 62,661 shares of the company’s stock valued at $23,092,000 after purchasing an additional 3,984 shares during the period. Finally, Quantinno Capital Management LP lifted its holdings in Spotify Technology by 14.2% during the 3rd quarter. Quantinno Capital Management LP now owns 9,500 shares of the company’s stock worth $3,501,000 after purchasing an additional 1,180 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SPOT has been the subject of a number of recent analyst reports. China Renaissance assumed coverage on Spotify Technology in a report on Wednesday, March 26th. They set a “buy” rating and a $740.00 target price for the company. Barclays upped their target price on shares of Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. KeyCorp raised their price target on shares of Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $480.00 price target (down previously from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. Finally, Morgan Stanley lifted their price objective on Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Nine research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $557.47.

Spotify Technology Price Performance

SPOT opened at $502.90 on Friday. Spotify Technology S.A. has a one year low of $267.76 and a one year high of $652.63. The business has a 50 day simple moving average of $583.28 and a two-hundred day simple moving average of $485.42. The firm has a market capitalization of $102.95 billion, a price-to-earnings ratio of 84.52 and a beta of 1.75.

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.