NewEdge Advisors LLC Boosts Stock Position in Spotify Technology S.A. (NYSE:SPOT)

NewEdge Advisors LLC increased its stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 37.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,199 shares of the company's stock after acquiring an additional 2,505 shares during the period. NewEdge Advisors LLC's holdings in Spotify Technology were worth $4,115,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Hillsdale Investment Management Inc. acquired a new position in shares of Spotify Technology during the 4th quarter worth about $27,000. Quent Capital LLC grew its position in shares of Spotify Technology by 135.7% in 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 last quarter. Noble Wealth Management PBC purchased a new position in shares of Spotify Technology in the 4th quarter valued at $52,000. Strategic Financial Concepts LLC acquired a new stake in Spotify Technology during the 4th quarter worth $56,000. Finally, Larson Financial Group LLC lifted its position in Spotify Technology by 48.5% in the fourth quarter. Larson Financial Group LLC now owns 144 shares of the company's stock valued at $64,000 after acquiring an additional 47 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SPOT. Wolfe Research raised Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price for the company in a report on Monday. KeyCorp cut their target price on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. 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 research note on Wednesday, February 5th. Finally, Redburn Atlantic assumed coverage on Spotify Technology in a research note on Tuesday, March 11th. They set a "neutral" rating and a $545.00 price objective for the company. Seven equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $585.32.

Spotify Technology Price Performance

Shares of NYSE SPOT traded up $1.51 on Wednesday, hitting $591.90. The company's stock had a trading volume of 1,917,446 shares, compared to its average volume of 2,163,235. The stock has a 50 day moving average of $573.00 and a 200-day moving average of $502.56. The company has a market capitalization of $121.17 billion, a price-to-earnings ratio of 99.48 and a beta of 1.75. Spotify Technology S.A. has a 12-month low of $271.65 and a 12-month high of $652.63.

Spotify Technology 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.