Raymond James Financial Inc. Makes New $55.64 Million Investment in Spotify Technology S.A. (NYSE:SPOT)

Raymond James Financial Inc. acquired a new stake in Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, HoldingsChannel reports. The firm acquired 124,361 shares of the company’s stock, valued at approximately $55,637,000.

A number of other hedge funds have also made changes to their positions in SPOT. Principal Financial Group Inc. increased its holdings in shares of Spotify Technology by 11.8% in the 3rd quarter. Principal Financial Group Inc. now owns 39,578 shares of the company’s stock valued at $14,586,000 after acquiring an additional 4,192 shares during the last quarter. CWA Asset Management Group LLC purchased a new position in shares of Spotify Technology in the 3rd quarter valued at about $409,000. Assetmark Inc. increased its holdings in shares of Spotify Technology by 5.4% in the 3rd quarter. Assetmark Inc. now owns 28,436 shares of the company’s stock valued at $10,480,000 after acquiring an additional 1,454 shares during the last quarter. Atria Investments Inc increased its holdings in shares of Spotify Technology by 7.3% in the 3rd quarter. Atria Investments Inc now owns 8,315 shares of the company’s stock valued at $3,064,000 after acquiring an additional 568 shares during the last quarter. Finally, Mesirow Financial Investment Management Inc. increased its holdings in shares of Spotify Technology by 12.4% in the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 1,109 shares of the company’s stock valued at $409,000 after acquiring an additional 122 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Citigroup raised their price target on Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. JPMorgan Chase & Co. raised their price target on Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Phillip Securities restated an “accumulate” rating and set a $485.00 price target (up previously from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. Wells Fargo & Company raised their price target on Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Finally, Canaccord Genuity Group raised their price target on Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $529.43.

Spotify Technology Stock Performance

Spotify Technology stock opened at $488.00 on Tuesday. The company has a market capitalization of $99.90 billion, a price-to-earnings ratio of 82.02 and a beta of 1.66. Spotify Technology S.A. has a fifty-two week low of $249.58 and a fifty-two week high of $652.63. The stock has a fifty day moving average of $548.54 and a two-hundred day moving average of $455.47.

Spotify Technology Company 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.