Hsbc Holdings PLC Purchases 46,692 Shares of Spotify Technology S.A. (NYSE:SPOT)

Hsbc Holdings PLC raised its position in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 182.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 72,280 shares of the company's stock after purchasing an additional 46,692 shares during the quarter. Hsbc Holdings PLC's holdings in Spotify Technology were worth $32,508,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Jennison Associates LLC purchased a new stake in shares of Spotify Technology during the 4th quarter worth approximately $1,335,575,000. GQG Partners LLC purchased a new position in Spotify Technology in the fourth quarter worth $800,725,000. Forsta AP Fonden purchased a new stake in Spotify Technology in the fourth quarter worth approximately $619,600,000. Geode Capital Management LLC boosted its position in Spotify Technology by 561.6% during the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after buying an additional 1,259,183 shares during the period. Finally, Norges Bank bought a new stake in Spotify Technology in the fourth quarter valued at approximately $396,028,000. Institutional investors own 84.09% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on SPOT shares. FBN Securities assumed coverage on shares of Spotify Technology in a research note on Friday, March 28th. They issued a "sector perform" rating and a $645.00 target price on the stock. JPMorgan Chase & Co. upped their price target on shares of Spotify Technology from $640.00 to $670.00 and gave the company an "overweight" rating in a report on Wednesday. Robert W. Baird increased their price target on Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a research report on Thursday. Barclays lowered their price target on shares of Spotify Technology from $710.00 to $650.00 and set an "overweight" rating on the stock in a report on Wednesday. Finally, Evercore ISI cut their target price on Spotify Technology from $700.00 to $650.00 and set an "outperform" rating on the stock in a research report on Wednesday. Seven research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat, Spotify Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $606.71.

Spotify Technology Stock Performance

Shares of NYSE:SPOT traded down $17.38 during mid-day trading on Thursday, reaching $596.60. 879,688 shares of the company's stock were exchanged, compared to its average volume of 2,141,766. The business's fifty day moving average price is $569.30 and its 200-day moving average price is $511.15. Spotify Technology S.A. has a twelve month low of $280.66 and a twelve month high of $652.63. The firm has a market capitalization of $122.13 billion, a price-to-earnings ratio of 100.39 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.