Fernbridge Capital Management LP Acquires 52,585 Shares of Spotify Technology S.A. (NYSE:SPOT)

Fernbridge Capital Management LP grew its position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 59.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 141,501 shares of the company's stock after acquiring an additional 52,585 shares during the quarter. Spotify Technology accounts for 3.3% of Fernbridge Capital Management LP's holdings, making the stock its 9th biggest position. Fernbridge Capital Management LP owned approximately 0.07% of Spotify Technology worth $63,305,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Jennison Associates LLC acquired a new position in shares of Spotify Technology in the 4th quarter valued at approximately $1,335,575,000. FMR LLC grew its holdings in Spotify Technology by 30.2% during the 4th quarter. FMR LLC now owns 2,041,387 shares of the company's stock worth $913,276,000 after acquiring an additional 473,569 shares during the last quarter. Schroder Investment Management Group raised its stake in Spotify Technology by 0.4% during the fourth quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company's stock worth $855,810,000 after buying an additional 7,075 shares during the last quarter. GQG Partners LLC bought a new position in shares of Spotify Technology in the 4th quarter worth about $800,725,000. Finally, Geode Capital Management LLC raised its position in shares of Spotify Technology by 561.6% in the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock worth $659,841,000 after acquiring an additional 1,259,183 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on SPOT shares. Morgan Stanley lifted their price target on shares of Spotify Technology from $550.00 to $670.00 and gave the company an "overweight" rating in a research report on Wednesday, February 5th. Citigroup lifted their price objective on Spotify Technology from $540.00 to $720.00 and gave the stock a "neutral" rating in a report on Friday, February 14th. JPMorgan Chase & Co. lifted their price objective on Spotify Technology from $640.00 to $670.00 and gave the company an "overweight" rating in a research note on Wednesday. Cantor Fitzgerald dropped their price target on Spotify Technology from $600.00 to $520.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. Finally, Wolfe Research upgraded Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price for the company in a research report on Monday, April 21st. Seven equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $602.15.

Spotify Technology Stock Performance

Spotify Technology stock traded up $37.87 during trading on Wednesday, reaching $614.81. 4,229,828 shares of the company's stock were exchanged, compared to its average volume of 2,146,579. The company's 50-day moving average is $569.14 and its two-hundred day moving average is $510.43. The firm has a market cap of $125.86 billion, a price-to-earnings ratio of 103.33 and a beta of 1.75. Spotify Technology S.A. has a 52-week low of $280.66 and a 52-week high of $652.63.

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.