Bank of Nova Scotia Purchases 200 Shares of Spotify Technology S.A. (NYSE:SPOT)

Bank of Nova Scotia raised its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 36.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 750 shares of the company’s stock after buying an additional 200 shares during the period. Bank of Nova Scotia’s holdings in Spotify Technology were worth $336,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Thrivent Financial for Lutherans grew its position in Spotify Technology by 566.1% in the 4th quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company’s stock valued at $3,541,000 after acquiring an additional 6,782 shares during the last quarter. Jennison Associates LLC purchased a new stake in shares of Spotify Technology during the fourth quarter valued at $1,335,575,000. Marks Group Wealth Management Inc bought a new position in shares of Spotify Technology in the fourth quarter worth about $535,000. Patriot Financial Group Insurance Agency LLC purchased a new position in Spotify Technology in the 4th quarter worth about $214,000. Finally, Swedbank AB lifted its holdings in Spotify Technology by 20.9% during the 4th quarter. Swedbank AB now owns 946,129 shares of the company’s stock valued at $423,279,000 after buying an additional 163,626 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on SPOT. Redburn Atlantic initiated coverage on shares of Spotify Technology in a research note on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 target price on the stock. Macquarie increased their price objective on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Wells Fargo & Company lifted their target price on Spotify Technology from $690.00 to $740.00 and gave the company an “overweight” rating in a research report on Friday, March 28th. Benchmark raised their price target on Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $675.00 price objective on shares of Spotify Technology in a research note on Monday, February 24th. Nine equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $563.07.

Spotify Technology Stock Up 4.2 %

Spotify Technology stock opened at $572.45 on Wednesday. Spotify Technology S.A. has a 52 week low of $267.76 and a 52 week high of $652.63. The stock has a 50-day moving average price of $579.17 and a 200 day moving average price of $495.60. The company has a market capitalization of $117.18 billion, a price-to-earnings ratio of 96.21 and a beta of 1.75.

Spotify Technology Company 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.