Savvy Advisors Inc. Invests $225,000 in Spotify Technology S.A. (NYSE:SPOT)

Savvy Advisors Inc. acquired a new stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 504 shares of the company's stock, valued at approximately $225,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Hillsdale Investment Management Inc. purchased a new stake in Spotify Technology in the fourth quarter worth about $27,000. Quent Capital LLC raised its holdings in Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company's stock worth $44,000 after purchasing an additional 57 shares in the last quarter. Noble Wealth Management PBC purchased a new position in Spotify Technology during the fourth quarter valued at $52,000. Strategic Financial Concepts LLC bought a new stake in Spotify Technology during the fourth quarter worth about $56,000. Finally, Larson Financial Group LLC grew its holdings in Spotify Technology by 48.5% in the fourth quarter. Larson Financial Group LLC now owns 144 shares of the company's stock worth $64,000 after purchasing an additional 47 shares during the period. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Performance

Shares of SPOT traded up $11.78 during midday trading on Friday, hitting $574.85. 1,731,552 shares of the company traded hands, compared to its average volume of 2,185,760. Spotify Technology S.A. has a 52 week low of $267.76 and a 52 week high of $652.63. The firm has a 50 day moving average of $575.74 and a 200-day moving average of $498.86. The stock has a market cap of $117.68 billion, a price-to-earnings ratio of 96.61 and a beta of 1.75.

Analyst Ratings Changes

Several analysts recently weighed in on SPOT shares. Citigroup upped their price target on Spotify Technology from $540.00 to $720.00 and gave the stock a "neutral" rating in a research note on Friday, February 14th. Wolfe Research reiterated a "peer perform" rating on shares of Spotify Technology in a research note on Friday, January 17th. 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 note on Wednesday, February 5th. KeyCorp dropped their target price on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Finally, Morgan Stanley boosted their price objective on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an "overweight" rating in a report on Wednesday, February 5th. Nine equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $564.45.

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.