NewEdge Wealth LLC Grows Holdings in Spotify Technology S.A. (NYSE:SPOT)

NewEdge Wealth LLC grew its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 64.2% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 2,929 shares of the company’s stock after buying an additional 1,145 shares during the period. NewEdge Wealth LLC’s holdings in Spotify Technology were worth $1,310,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Prestige Wealth Management Group LLC purchased a new stake in Spotify Technology during the third quarter valued at about $26,000. Hobbs Group Advisors LLC bought a new position in shares of Spotify Technology during the 3rd quarter valued at about $33,000. Larson Financial Group LLC raised its holdings in shares of Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after buying an additional 33 shares in the last quarter. Rakuten Securities Inc. lifted its position in Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after buying an additional 32 shares during the last quarter. Finally, Quent Capital LLC boosted its stake in Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after buying an additional 57 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on SPOT. Bank of America lifted their price target on shares of Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. TD Cowen lifted their target price on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. Phillip Securities restated an “accumulate” rating and set a $485.00 price target (up from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. Macquarie lifted their price objective on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Finally, Benchmark increased their target price on Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $529.43.

Spotify Technology Stock Up 2.9 %

Shares of SPOT stock opened at $608.16 on Friday. The business’s fifty day moving average is $536.90 and its 200 day moving average is $445.69. The stock has a market cap of $121.06 billion, a price-to-earnings ratio of 102.21 and a beta of 1.63. Spotify Technology S.A. has a twelve month low of $249.58 and a twelve month high of $652.63.

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.