LGT Group Foundation Boosts Stake in Spotify Technology S.A. (NYSE:SPOT)

LGT Group Foundation raised its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 119.4% in the fourth quarter, Holdings Channel.com reports. The fund owned 9,175 shares of the company’s stock after buying 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 quarter.

A number of other institutional investors have also recently added to or reduced their stakes in SPOT. 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 purchased a new stake in Spotify Technology during the third quarter valued at about $33,000. Larson Financial Group LLC grew its position in Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after acquiring an additional 33 shares during the period. Rakuten Securities Inc. grew its position in Spotify Technology by 40.5% during the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after acquiring an additional 32 shares during the period. Finally, Quent Capital LLC grew its position in Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after acquiring an additional 57 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 1.5 %

Shares of NYSE SPOT opened at $599.01 on Tuesday. The stock’s 50 day moving average price is $539.75 and its two-hundred day moving average price is $448.32. Spotify Technology S.A. has a 52-week low of $249.58 and a 52-week high of $652.63. The stock has a market capitalization of $119.24 billion, a P/E ratio of 100.67 and a beta of 1.63.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SPOT. Bank of America upped their target price on Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Canaccord Genuity Group upped their target price on Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Pivotal Research upped their target price on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. JPMorgan Chase & Co. upped their target price on Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Finally, Barclays upped their target price on Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $529.43.

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.