Spotify Technology S.A. (NYSE:SPOT) Stake Increased by Atika Capital Management LLC

Atika Capital Management LLC lifted its holdings in Spotify Technology S.A. (NYSE:SPOT) by 2.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 41,600 shares of the company’s stock after buying an additional 900 shares during the period. Spotify Technology comprises approximately 2.0% of Atika Capital Management LLC’s portfolio, making the stock its 11th biggest position. Atika Capital Management LLC’s holdings in Spotify Technology were worth $18,611,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of SPOT. Prestige Wealth Management Group LLC purchased a new stake in Spotify Technology in the 3rd quarter worth approximately $26,000. Hillsdale Investment Management Inc. acquired a new position in shares of Spotify Technology in the fourth quarter worth $27,000. Hobbs Group Advisors LLC acquired a new stake in Spotify Technology during the third quarter valued at $33,000. Quent Capital LLC grew its stake in Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after purchasing an additional 57 shares in the last quarter. Finally, Noble Wealth Management PBC acquired a new position in Spotify Technology in the 4th quarter worth about $52,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 9.9 %

Spotify Technology stock opened at $502.90 on Friday. The business has a 50 day moving average price of $583.28 and a two-hundred day moving average price of $485.42. Spotify Technology S.A. has a 12 month low of $267.76 and a 12 month high of $652.63. The stock has a market cap of $102.95 billion, a price-to-earnings ratio of 84.52 and a beta of 1.75.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on SPOT shares. Redburn Atlantic started coverage on Spotify Technology in a report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 price target for the company. JPMorgan Chase & Co. lifted their target price on shares of Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. The Goldman Sachs Group raised their price target on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Morgan Stanley upped their price objective on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Finally, Citigroup increased their target price on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. Nine equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $557.47.

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.