Monetta Financial Services Inc. Acquires New Shares in Spotify Technology S.A. (NYSE:SPOT)

Monetta Financial Services Inc. bought a new stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 2,400 shares of the company's stock, valued at approximately $1,074,000. Spotify Technology makes up 0.9% of Monetta Financial Services Inc.'s portfolio, making the stock its 29th largest position.

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

Wall Street Analyst Weigh In

SPOT has been the subject of several research reports. Guggenheim reaffirmed a "buy" rating and set a $675.00 target price on shares of Spotify Technology in a research note on Monday, February 24th. Rosenblatt Securities restated a "neutral" rating and set a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. Redburn Atlantic initiated coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 target price on the stock. UBS Group raised their target price on shares of Spotify Technology from $485.00 to $540.00 and gave the stock a "buy" rating in a report on Wednesday, January 15th. Finally, Macquarie lifted their price target on shares of Spotify Technology from $500.00 to $600.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. Eight analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $540.68.

Remove Ads

Spotify Technology Stock Performance

Shares of Spotify Technology stock traded up $11.13 during trading on Tuesday, hitting $615.84. 1,571,942 shares of the stock traded hands, compared to its average volume of 2,106,639. The stock has a market cap of $126.07 billion, a P/E ratio of 103.50 and a beta of 1.66. The company has a fifty day moving average price of $570.20 and a two-hundred day moving average price of $471.97. Spotify Technology S.A. has a twelve month low of $257.56 and a twelve month high of $652.63.

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.