Envestnet Portfolio Solutions Inc. Has $4.52 Million Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Envestnet Portfolio Solutions Inc. grew its position in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 13.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,112 shares of the company's stock after purchasing an additional 1,229 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Spotify Technology were worth $4,524,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in SPOT. Prestige Wealth Management Group LLC bought a new position in shares of Spotify Technology during the third quarter worth approximately $26,000. Hobbs Group Advisors LLC acquired a new stake in Spotify Technology during the third quarter worth approximately $33,000. Larson Financial Group LLC increased its stake in Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company's stock worth $36,000 after acquiring an additional 33 shares during the period. Quent Capital LLC raised its holdings in Spotify Technology by 135.7% in the 4th quarter. Quent Capital LLC now owns 99 shares of the company's stock valued at $44,000 after acquiring an additional 57 shares in the last quarter. Finally, Noble Wealth Management PBC bought a new stake in shares of Spotify Technology during the 4th quarter valued at $52,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SPOT has been the subject of a number of analyst reports. The Goldman Sachs Group boosted their price target on Spotify Technology from $550.00 to $695.00 and gave the company a "buy" rating in a research note on Thursday, February 6th. UBS Group boosted their target price on shares of Spotify Technology from $485.00 to $540.00 and gave the company a "buy" rating in a research report on Wednesday, January 15th. Morgan Stanley increased their price target on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 5th. Rosenblatt Securities restated a "neutral" rating and set a $658.00 price objective (up from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. Finally, 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. Eight investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $540.68.

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Spotify Technology Stock Performance

Shares of SPOT stock traded up $5.09 on Friday, hitting $599.64. The company had a trading volume of 2,543,337 shares, compared to its average volume of 2,102,455. Spotify Technology S.A. has a twelve month low of $257.56 and a twelve month high of $652.63. The firm has a market cap of $122.75 billion, a P/E ratio of 100.78 and a beta of 1.66. The stock's 50-day moving average is $567.23 and its two-hundred day moving average is $468.06.

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.