Monetta Financial Services Inc. Makes New Investment in Spotify Technology S.A. (NYSE:SPOT)

Monetta Financial Services Inc. acquired a new stake in Spotify Technology S.A. (NYSE:SPOT) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 2,400 shares of the company’s stock, valued at approximately $1,074,000. Spotify Technology accounts for about 0.9% of Monetta Financial Services Inc.’s portfolio, making the stock its 29th largest position.

Several other institutional investors also recently modified their holdings of SPOT. Whittier Trust Co. boosted its stake in shares of Spotify Technology by 79.2% during the 4th quarter. Whittier Trust Co. now owns 3,153 shares of the company’s stock worth $1,411,000 after acquiring an additional 1,394 shares during the period. Blueshift Asset Management LLC lifted its holdings in Spotify Technology by 83.4% during the 4th quarter. Blueshift Asset Management LLC now owns 3,938 shares of the company’s stock valued at $1,762,000 after purchasing an additional 1,791 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in Spotify Technology by 56.0% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 48,544 shares of the company’s stock worth $21,718,000 after purchasing an additional 17,436 shares during the period. Teacher Retirement System of Texas acquired a new position in shares of Spotify Technology in the fourth quarter valued at $75,396,000. Finally, Next Capital Management LLC bought a new position in shares of Spotify Technology in the fourth quarter valued at about $385,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Trading Up 1.1 %

SPOT stock opened at $592.78 on Friday. The stock has a market capitalization of $121.35 billion, a P/E ratio of 99.63 and a beta of 1.66. The firm has a 50-day moving average price of $564.44 and a 200-day moving average price of $466.28. Spotify Technology S.A. has a 12 month low of $257.56 and a 12 month high of $652.63.

Analyst Ratings Changes

SPOT has been the subject of several research analyst reports. Morgan Stanley lifted their target price on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Guggenheim reaffirmed a “buy” rating and issued a $675.00 target price on shares of Spotify Technology in a research report on Monday, February 24th. Wells Fargo & Company lifted their price target on Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Rosenblatt Securities restated a “neutral” rating and issued a $658.00 price target (up from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. Finally, Barclays increased their price objective on Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Eight research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average target price of $540.68.

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.