LPL Financial LLC Acquires 20,426 Shares of Spotify Technology S.A. (NYSE:SPOT)

LPL Financial LLC boosted its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 32.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 83,364 shares of the company’s stock after purchasing an additional 20,426 shares during the quarter. LPL Financial LLC’s holdings in Spotify Technology were worth $37,295,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Prestige Wealth Management Group LLC bought a new stake in shares of Spotify Technology during the third quarter valued at approximately $26,000. Hillsdale Investment Management Inc. purchased a new position in Spotify Technology during the fourth quarter valued at $27,000. Hobbs Group Advisors LLC bought a new stake in Spotify Technology in the 3rd quarter valued at $33,000. Larson Financial Group LLC lifted its stake in Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares in the last quarter. Finally, Quent Capital LLC boosted its holdings in shares of Spotify Technology by 135.7% during the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after purchasing an additional 57 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Trading Down 3.5 %

Shares of SPOT stock opened at $559.76 on Friday. The stock has a market capitalization of $114.59 billion, a price-to-earnings ratio of 94.08 and a beta of 1.66. Spotify Technology S.A. has a twelve month low of $260.80 and a twelve month high of $652.63. The stock has a fifty day simple moving average of $578.28 and a two-hundred day simple moving average of $477.12.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SPOT. Macquarie lifted their target price on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Cantor Fitzgerald reiterated a “neutral” rating and set a $480.00 target price (down from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. FBN Securities began coverage on shares of Spotify Technology in a research report on Friday. They issued a “sector perform” rating and a $645.00 price target on the stock. Rosenblatt Securities reiterated a “neutral” rating and set a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. Finally, Wells Fargo & Company boosted their target price on shares of Spotify Technology from $690.00 to $740.00 and gave the stock an “overweight” rating in a report on Friday. Nine analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently 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.