Spotify Technology (NYSE:SPOT) Stake Lifted by TIAA Trust National Association

Key Points

• TIAA Trust National Association increased its stake in Spotify Technology by 8.1%, owning 28,456 shares valued at approximately $15.65 million after acquiring additional shares in the first quarter.
• Several institutional investors, including Jennison Associates LLC, made significant acquisitions in Spotify shares during the first quarter, with Jennison increasing its holdings by 42.3%.
• Spotify's stock is currently rated as a "Moderate Buy" by analysts, with a consensus target price of $718.90 following multiple upgrades from firms such as Oppenheimer and Goldman Sachs.

TIAA Trust National Association increased its stake in Spotify Technology (NYSE:SPOT - Free Report) by 8.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,456 shares of the company's stock after acquiring an additional 2,141 shares during the period. TIAA Trust National Association's holdings in Spotify Technology were worth $15,651,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Jennison Associates LLC boosted its holdings in shares of Spotify Technology by 42.3% in the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock valued at $2,336,494,000 after acquiring an additional 1,262,614 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Spotify Technology by 3.3% during the first quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company's stock worth $1,939,949,000 after buying an additional 112,553 shares in the last quarter. FMR LLC boosted its holdings in Spotify Technology by 30.2% during the fourth quarter. FMR LLC now owns 2,041,387 shares of the company's stock worth $913,276,000 after buying an additional 473,569 shares in the last quarter. Northern Trust Corp boosted its holdings in Spotify Technology by 103.7% during the fourth quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock worth $638,367,000 after buying an additional 726,245 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in Spotify Technology by 325.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company's stock worth $503,316,000 after buying an additional 861,232 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Up 0.1%

SPOT stock opened at $627.15 on Friday. Spotify Technology has a 12-month low of $300.57 and a 12-month high of $785.00. The company has a market cap of $128.38 billion, a price-to-earnings ratio of 152.22, a PEG ratio of 2.56 and a beta of 1.70. The company has a 50 day moving average of $700.71 and a two-hundred day moving average of $624.51.

Analyst Upgrades and Downgrades

SPOT has been the subject of a number of research reports. Oppenheimer upgraded shares of Spotify Technology from a "market perform" rating to an "outperform" rating and set a $800.00 target price for the company in a report on Thursday, July 24th. Evercore ISI raised their target price on shares of Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a report on Monday, June 16th. DZ Bank upgraded shares of Spotify Technology from a "sell" rating to a "hold" rating and set a $652.00 target price for the company in a report on Wednesday. The Goldman Sachs Group raised their target price on shares of Spotify Technology from $680.00 to $775.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Finally, Morgan Stanley reduced their target price on shares of Spotify Technology from $850.00 to $800.00 and set an "overweight" rating for the company in a report on Wednesday. Nine research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to MarketBeat.com, Spotify Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $718.90.

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.

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