Envestnet Asset Management Inc. Has $284.65 Million Holdings in Spotify Technology S.A. (NYSE:SPOT)

Envestnet Asset Management Inc. boosted its stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 8.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 636,266 shares of the company's stock after buying an additional 46,882 shares during the period. Envestnet Asset Management Inc. owned 0.32% of Spotify Technology worth $284,653,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Hillsdale Investment Management Inc. bought a new position in shares of Spotify Technology in the fourth quarter worth $27,000. Prestige Wealth Management Group LLC acquired a new stake in Spotify Technology in the third quarter worth about $26,000. Hobbs Group Advisors LLC bought a new position in Spotify Technology in the 3rd quarter valued at about $33,000. Quent Capital LLC increased its stake in 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 buying an additional 57 shares during the period. Finally, Noble Wealth Management PBC bought a new stake in shares of Spotify Technology during the 4th quarter worth about $52,000. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SPOT has been the topic of a number of research analyst reports. Macquarie raised their price objective on shares of Spotify Technology from $500.00 to $600.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Wells Fargo & Company lifted their price target on Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a research report on Friday, March 28th. Redburn Atlantic assumed coverage on Spotify Technology in a report on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 price objective for the company. Rosenblatt Securities reaffirmed a "neutral" rating and set a $658.00 target price (up previously from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. Finally, FBN Securities initiated coverage on shares of Spotify Technology in a research report on Friday, March 28th. They issued a "sector perform" rating and a $645.00 price target on the stock. Nine research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $555.30.

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Spotify Technology Stock Down 0.8 %

Shares of SPOT traded down $4.30 during midday trading on Friday, reaching $548.73. 956,857 shares of the stock were exchanged, compared to its average volume of 2,169,926. The company has a market cap of $112.33 billion, a price-to-earnings ratio of 92.33 and a beta of 1.75. Spotify Technology S.A. has a 12-month low of $267.76 and a 12-month high of $652.63. The firm has a 50 day simple moving average of $583.39 and a 200-day simple moving average of $491.92.

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.