Commonwealth Equity Services LLC Boosts Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Commonwealth Equity Services LLC increased its stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 14.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,522 shares of the company's stock after purchasing an additional 1,797 shares during the period. Commonwealth Equity Services LLC's holdings in Spotify Technology were worth $6,497,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of SPOT. Jennison Associates LLC acquired a new stake in shares of Spotify Technology during the fourth quarter worth about $1,335,575,000. Marks Group Wealth Management Inc acquired a new stake in Spotify Technology during the 4th quarter valued at approximately $535,000. Patriot Financial Group Insurance Agency LLC purchased a new stake in shares of Spotify Technology in the 4th quarter valued at $214,000. Covenant Asset Management LLC purchased a new position in shares of Spotify Technology during the third quarter worth $3,364,000. Finally, Kestra Investment Management LLC acquired a new position in Spotify Technology during the third quarter valued at $780,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

Shares of SPOT traded up $14.47 during midday trading on Tuesday, hitting $619.18. The company had a trading volume of 447,444 shares, compared to its average volume of 2,106,639. The company's 50-day simple moving average is $570.20 and its 200-day simple moving average is $471.97. Spotify Technology S.A. has a 1 year low of $257.56 and a 1 year high of $652.63. The firm has a market capitalization of $126.75 billion, a P/E ratio of 104.09 and a beta of 1.66.

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Wall Street Analyst Weigh In

A number of research firms have weighed in on SPOT. Redburn Atlantic started coverage on Spotify Technology in a research note on Tuesday, March 11th. They set a "neutral" rating and a $545.00 price objective for the company. Barclays raised their price objective on shares of Spotify Technology from $475.00 to $710.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 5th. The Goldman Sachs Group boosted their target price on shares of Spotify Technology from $550.00 to $695.00 and gave the company a "buy" rating in a research note on Thursday, February 6th. Wolfe Research restated a "peer perform" rating on shares of Spotify Technology in a research report on Friday, January 17th. Finally, Canaccord Genuity Group increased their price target on Spotify Technology from $650.00 to $700.00 and gave the stock a "buy" rating in a research report on Wednesday, February 5th. Eight investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $540.68.

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.