Spotify Technology S.A. (NYSE:SPOT) Shares Bought by Northern Trust Corp

Northern Trust Corp boosted its position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 103.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,426,902 shares of the company's stock after buying an additional 726,245 shares during the period. Northern Trust Corp owned approximately 0.72% of Spotify Technology worth $638,367,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans boosted its stake in Spotify Technology by 566.1% during the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock valued at $3,541,000 after buying an additional 6,782 shares during the last quarter. Jennison Associates LLC bought a new position in shares of Spotify Technology during the 4th quarter valued at approximately $1,335,575,000. Marks Group Wealth Management Inc purchased a new stake in Spotify Technology during the 4th quarter valued at $535,000. Patriot Financial Group Insurance Agency LLC bought a new stake in Spotify Technology in the fourth quarter worth $214,000. Finally, Swedbank AB boosted its stake in Spotify Technology by 20.9% during the fourth quarter. Swedbank AB now owns 946,129 shares of the company's stock worth $423,279,000 after buying an additional 163,626 shares during the period. 84.09% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SPOT. Wells Fargo & Company boosted their price objective on shares of Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a research report on Friday, March 28th. Guggenheim reiterated a "buy" rating and set a $675.00 price objective on shares of Spotify Technology in a research report on Monday, February 24th. Rosenblatt Securities cut their price target on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating on the stock in a report on Wednesday. KeyCorp cut their price target on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. upped their price target on shares of Spotify Technology from $640.00 to $670.00 and gave the stock an "overweight" rating in a report on Wednesday. Seven analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat.com, Spotify Technology currently has an average rating of "Moderate Buy" and an average price target of $606.71.

Spotify Technology Stock Down 2.0 %

Shares of Spotify Technology stock traded down $12.18 during midday trading on Thursday, hitting $601.80. The company had a trading volume of 2,326,972 shares, compared to its average volume of 2,149,795. The stock has a market cap of $123.19 billion, a price-to-earnings ratio of 101.14 and a beta of 1.75. The company has a fifty day simple moving average of $569.30 and a 200 day simple moving average of $511.15. Spotify Technology S.A. has a 12-month low of $283.39 and a 12-month high of $652.63.

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.