TD Asset Management Inc. Grows Stake in Spotify Technology S.A. (NYSE:SPOT)

TD Asset Management Inc. increased its holdings in Spotify Technology S.A. (NYSE:SPOT) by 3.9% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 252,714 shares of the company’s stock after buying an additional 9,472 shares during the period. TD Asset Management Inc. owned 0.13% of Spotify Technology worth $113,059,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in SPOT. Jennison Associates LLC bought a new position in shares of Spotify Technology in the 4th quarter worth $1,335,575,000. State Street Corp increased its stake in Spotify Technology by 1.5% in the third quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after acquiring an additional 28,864 shares during the last quarter. GQG Partners LLC purchased a new stake in Spotify Technology during the fourth quarter valued at about $800,725,000. FMR LLC lifted its stake in Spotify Technology by 23.4% during the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after purchasing an additional 297,035 shares during the last quarter. Finally, Forsta AP Fonden purchased a new position in shares of Spotify Technology in the 4th quarter worth about $619,600,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $615.84 on Wednesday. The firm has a market capitalization of $126.07 billion, a P/E ratio of 103.50 and a beta of 1.66. The stock has a 50 day moving average price of $573.25 and a 200-day moving average price of $474.03. Spotify Technology S.A. has a 52-week low of $257.56 and a 52-week high of $652.63.

Wall Street Analysts Forecast Growth

SPOT has been the subject of a number of recent research reports. Rosenblatt Securities restated a “neutral” rating and issued a $658.00 target price (up previously from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. Citigroup upped their price objective on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research note on Friday, February 14th. Macquarie lifted their target price on shares of Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Benchmark upped their price target on shares of Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Finally, Wolfe Research reiterated a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. Eight equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average target price of $540.68.

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.