Mitsubishi UFJ Asset Management Co. Ltd. Purchases Shares of 111,364 Spotify Technology S.A. (NYSE:SPOT)

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Spotify Technology S.A. (NYSE:SPOT) during the 4th quarter, Holdings Channel.com reports. The fund purchased 111,364 shares of the company’s stock, valued at approximately $51,972,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in SPOT. Prestige Wealth Management Group LLC bought a new stake in shares of Spotify Technology in the 3rd quarter valued at about $26,000. Hillsdale Investment Management Inc. bought a new stake in Spotify Technology in the fourth quarter valued at approximately $27,000. Hobbs Group Advisors LLC bought a new stake in Spotify Technology in the third quarter valued at approximately $33,000. Larson Financial Group LLC lifted its position in shares of Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after buying an additional 33 shares during the last quarter. Finally, Quent Capital LLC boosted its stake in shares of Spotify Technology by 135.7% during the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after acquiring an additional 57 shares during the period. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Spotify Technology stock opened at $559.76 on Friday. Spotify Technology S.A. has a 52 week low of $260.80 and a 52 week high of $652.63. The stock has a market capitalization of $114.59 billion, a P/E ratio of 94.08 and a beta of 1.66. The stock has a fifty day moving average of $578.28 and a 200-day moving average of $477.12.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Canaccord Genuity Group increased their price target on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Redburn Atlantic assumed coverage on shares of Spotify Technology in a research report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 price objective on the stock. China Renaissance assumed coverage on shares of Spotify Technology in a report on Wednesday. They set a “buy” rating and a $740.00 target price for the company. Wolfe Research reissued a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. Finally, Morgan Stanley raised their price objective on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Nine analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $552.47.

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.