LPL Financial LLC Grows Stake in Spotify Technology S.A. (NYSE:SPOT)

LPL Financial LLC increased its position in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 32.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,364 shares of the company's stock after buying an additional 20,426 shares during the quarter. LPL Financial LLC's holdings in Spotify Technology were worth $37,295,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Jennison Associates LLC bought a new position in Spotify Technology during the 4th quarter worth approximately $1,335,575,000. Forsta AP Fonden purchased a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $619,600,000. Amundi grew its holdings in shares of Spotify Technology by 194.2% in the fourth quarter. Amundi now owns 750,030 shares of the company's stock worth $359,812,000 after purchasing an additional 495,087 shares during the last quarter. Swiss National Bank purchased a new position in shares of Spotify Technology in the fourth quarter valued at about $189,197,000. Finally, FMR LLC raised its position in Spotify Technology by 23.4% during the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company's stock valued at $577,788,000 after purchasing 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 research firms recently weighed in on SPOT. Citigroup lifted their price target on shares of Spotify Technology from $540.00 to $720.00 and gave the company a "neutral" rating in a report on Friday, February 14th. Wells Fargo & Company lifted their target price on shares of Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a research note on Friday, March 28th. 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 note on Wednesday, February 5th. Rosenblatt Securities reiterated a "neutral" rating and set a $658.00 target price (up previously from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Finally, Macquarie upped their price target on Spotify Technology from $500.00 to $600.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. Nine research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $557.47.

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Spotify Technology Stock Performance

Shares of NYSE:SPOT traded up $15.26 during midday trading on Wednesday, reaching $566.99. 802,273 shares of the company's stock traded hands, compared to its average volume of 2,157,865. Spotify Technology S.A. has a one year low of $261.38 and a one year high of $652.63. The stock has a 50 day moving average of $580.87 and a 200 day moving average of $482.18. The company has a market cap of $116.07 billion, a price-to-earnings ratio of 95.29 and a beta of 1.66.

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.