Truist Financial Corp Acquires 6,845 Shares of Spotify Technology S.A. (NYSE:SPOT)

Truist Financial Corp raised its position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 35.4% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 26,180 shares of the company's stock after buying an additional 6,845 shares during the quarter. Truist Financial Corp's holdings in Spotify Technology were worth $11,712,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Prestige Wealth Management Group LLC acquired a new stake in Spotify Technology in the third quarter worth approximately $26,000. Hobbs Group Advisors LLC purchased a new stake in shares of Spotify Technology in the third quarter valued at $33,000. Larson Financial Group LLC lifted its holdings in shares of Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company's stock valued at $36,000 after purchasing an additional 33 shares in the last quarter. Rakuten Securities Inc. increased its stake in shares of Spotify Technology by 40.5% in the third quarter. Rakuten Securities Inc. now owns 111 shares of the company's stock worth $41,000 after acquiring an additional 32 shares during the last quarter. Finally, Quent Capital LLC increased its stake in shares of 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 acquiring an additional 57 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Price Performance

Spotify Technology stock traded down $29.79 during trading hours on Friday, reaching $606.98. The stock had a trading volume of 2,197,419 shares, compared to its average volume of 2,063,644. The stock has a market cap of $120.82 billion, a PE ratio of 102.01 and a beta of 1.63. Spotify Technology S.A. has a 52 week low of $243.99 and a 52 week high of $652.63. The company has a fifty day simple moving average of $521.07 and a 200-day simple moving average of $433.77.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SPOT. Deutsche Bank Aktiengesellschaft raised their price target on Spotify Technology from $430.00 to $440.00 and gave the company a "buy" rating in a research report on Wednesday, November 6th. Bank of America raised their price objective on shares of Spotify Technology from $430.00 to $515.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th. Wells Fargo & Company raised their price objective on shares of Spotify Technology from $520.00 to $690.00 and gave the stock an "overweight" rating in a report on Wednesday, February 5th. Pivotal Research raised their price target on shares of Spotify Technology from $510.00 to $565.00 and gave the company a "buy" rating in a report on Wednesday, November 13th. Finally, Phillip Securities reissued an "accumulate" rating and issued a $485.00 price target (up previously from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have given a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $529.43.

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.