Spotify Technology S.A. (NYSE:SPOT) Shares Acquired by Parallel Advisors LLC

Parallel Advisors LLC boosted its position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 154.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,483 shares of the company's stock after buying an additional 1,506 shares during the period. Parallel Advisors LLC's holdings in Spotify Technology were worth $1,111,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SPOT. OneDigital Investment Advisors LLC boosted its stake in shares of Spotify Technology by 38.9% during the third quarter. OneDigital Investment Advisors LLC now owns 1,074 shares of the company's stock worth $396,000 after buying an additional 301 shares during the period. Pathstone Holdings LLC raised its stake in Spotify Technology by 16.9% during the 3rd quarter. Pathstone Holdings LLC now owns 24,258 shares of the company's stock valued at $8,940,000 after acquiring an additional 3,515 shares during the last quarter. Caprock Group LLC lifted its position in Spotify Technology by 4.4% during the 3rd quarter. Caprock Group LLC now owns 4,696 shares of the company's stock worth $1,731,000 after acquiring an additional 199 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Spotify Technology by 12.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 11,763 shares of the company's stock valued at $4,335,000 after purchasing an additional 1,299 shares during the last quarter. Finally, Avior Wealth Management LLC increased its holdings in shares of Spotify Technology by 12.0% in the third quarter. Avior Wealth Management LLC now owns 281 shares of the company's stock valued at $104,000 after purchasing an additional 30 shares during the period. Hedge funds and other institutional investors own 84.09% of the company's stock.

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Spotify Technology Stock Performance

Spotify Technology stock traded up $5.24 during midday trading on Monday, reaching $605.18. 1,921,189 shares of the company were exchanged, compared to its average volume of 2,106,667. The company has a market capitalization of $123.88 billion, a price-to-earnings ratio of 101.71 and a beta of 1.66. The firm's 50-day simple moving average is $567.23 and its 200-day simple moving average is $470.02. Spotify Technology S.A. has a 1 year low of $257.56 and a 1 year high of $652.63.

Wall Street Analyst Weigh In

SPOT has been the subject of several recent research reports. Morgan Stanley increased their price target on Spotify Technology from $550.00 to $670.00 and gave the stock an "overweight" rating in a report on Wednesday, February 5th. Wells Fargo & Company lifted their target price on shares of Spotify Technology from $520.00 to $690.00 and gave the company an "overweight" rating in a report on Wednesday, February 5th. Macquarie increased their price target on shares of Spotify Technology from $500.00 to $600.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. UBS Group lifted their price objective on Spotify Technology from $485.00 to $540.00 and gave the company a "buy" rating in a report on Wednesday, January 15th. Finally, Benchmark boosted their target price on Spotify Technology from $600.00 to $720.00 and gave the stock a "buy" rating in a research report on Wednesday, February 5th. Eight equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus 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.