Whittier Trust Co. Increases Stake in Spotify Technology S.A. (NYSE:SPOT)

Whittier Trust Co. grew its holdings in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 79.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,153 shares of the company's stock after acquiring an additional 1,394 shares during the quarter. Whittier Trust Co.'s holdings in Spotify Technology were worth $1,411,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of SPOT. Prestige Wealth Management Group LLC purchased a new stake in shares of Spotify Technology during the third quarter valued at approximately $26,000. Hobbs Group Advisors LLC purchased a new stake in Spotify Technology during the 3rd quarter valued at $33,000. Larson Financial Group LLC grew its holdings in Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company's stock worth $36,000 after acquiring an additional 33 shares during the last quarter. Quent Capital LLC grew its holdings in Spotify Technology by 135.7% in the 4th 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. Finally, Noble Wealth Management PBC purchased a new position in shares of Spotify Technology in the fourth quarter valued at about $52,000. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SPOT has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their target price on Spotify Technology from $520.00 to $690.00 and gave the company an "overweight" rating in a report on Wednesday, February 5th. Morgan Stanley lifted their target price on shares of Spotify Technology from $550.00 to $670.00 and gave the company an "overweight" rating in a research note on Wednesday, February 5th. Canaccord Genuity Group raised their price objective on shares of Spotify Technology from $650.00 to $700.00 and gave the stock a "buy" rating in a report on Wednesday, February 5th. Benchmark upped their target price on Spotify Technology from $600.00 to $720.00 and gave the stock a "buy" rating in a report on Wednesday, February 5th. Finally, Redburn Atlantic started coverage on Spotify Technology in a research note on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 target price for the company. Eight analysts have rated the stock with a hold rating and twenty have given a buy rating to the company's stock. According to data from MarketBeat, Spotify Technology presently has a consensus rating of "Moderate Buy" and an average price target of $540.68.

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Spotify Technology Price Performance

Shares of SPOT traded up $11.30 during trading hours on Tuesday, hitting $616.01. The stock had a trading volume of 633,145 shares, compared to its average volume of 2,106,639. The firm has a market capitalization of $126.10 billion, a PE ratio of 103.52 and a beta of 1.66. Spotify Technology S.A. has a 12 month low of $257.56 and a 12 month high of $652.63. The stock has a fifty day moving average price of $570.20 and a 200 day moving average price of $471.97.

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.