Morling Financial Advisors LLC Buys Shares of 517 Spotify Technology S.A. (NYSE:SPOT)

Morling Financial Advisors LLC purchased a new position in Spotify Technology S.A. (NYSE:SPOT - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 517 shares of the company's stock, valued at approximately $231,000.

Several other hedge funds have also recently modified their holdings of SPOT. Jennison Associates LLC bought a new stake in Spotify Technology during the 4th quarter valued at $1,335,575,000. Forsta AP Fonden purchased a new position in Spotify Technology in the fourth quarter valued at about $619,600,000. WCM Investment Management LLC raised its holdings in Spotify Technology by 18.5% in the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company's stock worth $1,430,142,000 after purchasing an additional 605,755 shares in the last quarter. Amundi boosted its holdings in shares of Spotify Technology by 194.2% in the 4th quarter. Amundi now owns 750,030 shares of the company's stock valued at $359,812,000 after buying an additional 495,087 shares in the last quarter. Finally, FMR LLC grew its position in shares of Spotify Technology by 23.4% in the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company's stock worth $577,788,000 after buying an additional 297,035 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on SPOT. Pivotal Research raised their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the company a "buy" rating in a research note on Wednesday, November 13th. Guggenheim restated a "buy" rating and set a $675.00 target price on shares of Spotify Technology in a research note on Monday, February 24th. Benchmark upped their target price on Spotify Technology from $600.00 to $720.00 and gave the company a "buy" rating in a research report on Wednesday, February 5th. Canaccord Genuity Group raised their price target on Spotify Technology from $650.00 to $700.00 and gave the stock a "buy" rating in a report on Wednesday, February 5th. Finally, Wells Fargo & Company upped their price objective on shares of Spotify Technology from $520.00 to $690.00 and gave the company an "overweight" rating in a report on Wednesday, February 5th. Eight analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, Spotify Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $540.68.

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Spotify Technology Trading Up 5.4 %

SPOT traded up $27.56 during trading on Wednesday, hitting $536.00. The company's stock had a trading volume of 2,706,621 shares, compared to its average volume of 2,320,080. The firm has a market capitalization of $109.72 billion, a price-to-earnings ratio of 90.04 and a beta of 1.66. The business's fifty day simple moving average is $549.75 and its 200 day simple moving average is $456.64. Spotify Technology S.A. has a twelve month low of $249.58 and a twelve month 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.