LGT Group Foundation Increases Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

LGT Group Foundation raised its stake in Spotify Technology S.A. (NYSE:SPOT) by 119.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 9,175 shares of the company’s stock after purchasing an additional 4,993 shares during the quarter. LGT Group Foundation’s holdings in Spotify Technology were worth $4,105,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Prestige Wealth Management Group LLC purchased a new position in shares of Spotify Technology in the 3rd quarter valued at approximately $26,000. Hobbs Group Advisors LLC purchased a new stake in shares of Spotify Technology in the third quarter valued at approximately $33,000. Larson Financial Group LLC boosted its stake 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 in the last quarter. Quent Capital LLC boosted its stake in shares of 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 buying an additional 57 shares in the last quarter. Finally, Rakuten Securities Inc. boosted its stake in shares of Spotify Technology by 40.5% in the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after buying an additional 32 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on SPOT. Guggenheim restated a “buy” rating and issued a $675.00 price target on shares of Spotify Technology in a research note on Monday, February 24th. Canaccord Genuity Group lifted 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. Pivotal Research lifted their price target on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. UBS Group lifted their price target on Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Finally, Piper Sandler lifted their price objective on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $529.43.

Spotify Technology Trading Down 1.5 %

Spotify Technology stock opened at $599.01 on Tuesday. The firm has a market capitalization of $119.24 billion, a P/E ratio of 100.67 and a beta of 1.63. The stock has a fifty day moving average price of $539.75 and a 200 day moving average price of $448.32. Spotify Technology S.A. has a 52 week low of $249.58 and a 52 week high of $652.63.

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.