Banco Santander S.A. Takes $246,000 Position in Spotify Technology S.A. (NYSE:SPOT)

Banco Santander S.A. bought a new stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 549 shares of the company's stock, valued at approximately $246,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SPOT. Prestige Wealth Management Group LLC bought a new position in Spotify Technology during the third quarter worth about $26,000. Hobbs Group Advisors LLC bought a new position in shares of Spotify Technology during the 3rd quarter valued at about $33,000. Larson Financial Group LLC grew its position in shares of Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company's stock valued at $36,000 after purchasing an additional 33 shares during the period. Rakuten Securities Inc. increased its stake in Spotify Technology by 40.5% during the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company's stock worth $41,000 after purchasing an additional 32 shares in the last quarter. Finally, Quent Capital LLC increased its stake in Spotify Technology by 135.7% during the 4th quarter. Quent Capital LLC now owns 99 shares of the company's stock worth $44,000 after purchasing an additional 57 shares in the last quarter. Institutional investors own 84.09% of the company's stock.

Analysts Set New Price Targets

SPOT has been the subject of several research analyst reports. Cantor Fitzgerald reiterated a "neutral" rating and issued a $480.00 price target (down previously from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. Benchmark increased their target price on Spotify Technology from $600.00 to $720.00 and gave the stock a "buy" rating in a report on Wednesday, February 5th. KeyCorp boosted their price target on Spotify Technology from $555.00 to $600.00 and gave the company an "overweight" rating in a report on Friday, January 31st. Guggenheim reissued a "buy" rating and issued a $675.00 target price on shares of Spotify Technology in a research report on Monday, February 24th. Finally, Redburn Atlantic started coverage on Spotify Technology in a research report on Tuesday. They set a "neutral" rating and a $545.00 price target for the company. Eight research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $540.68.

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Spotify Technology Stock Performance

NYSE:SPOT traded up $24.36 during mid-day trading on Wednesday, hitting $532.80. 2,389,982 shares of the stock were exchanged, compared to its average volume of 2,313,640. The stock has a market capitalization of $109.07 billion, a price-to-earnings ratio of 89.71 and a beta of 1.66. The firm's 50-day simple moving average is $549.75 and its 200 day simple moving average is $456.64. Spotify Technology S.A. has a fifty-two week low of $249.58 and a fifty-two week 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.