Cullen Frost Bankers Inc. Purchases 77 Shares of Spotify Technology S.A. (NYSE:SPOT)

Cullen Frost Bankers Inc. raised its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 0.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 46,301 shares of the company’s stock after purchasing an additional 77 shares during the period. Cullen Frost Bankers Inc.’s holdings in Spotify Technology were worth $20,714,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. WCM Investment Management LLC lifted its position in shares of Spotify Technology by 18.5% during the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after acquiring an additional 605,755 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Spotify Technology by 3.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock worth $1,286,969,000 after acquiring an additional 102,786 shares in the last quarter. Jennison Associates LLC purchased a new stake in shares of Spotify Technology during the fourth quarter worth $1,335,575,000. State Street Corp lifted its position in shares of Spotify Technology by 1.5% during the third quarter. State Street Corp now owns 1,997,323 shares of the company’s stock worth $736,073,000 after acquiring an additional 28,864 shares in the last quarter. Finally, FMR LLC lifted its position in shares of Spotify Technology by 23.4% during the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after acquiring an additional 297,035 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Piper Sandler increased their target price on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Wells Fargo & Company increased their target price on Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Macquarie increased their price objective on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Pivotal Research increased their price objective on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, Barclays increased their price objective on Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $529.43.

Spotify Technology Trading Up 0.4 %

Shares of NYSE:SPOT opened at $586.51 on Thursday. The stock’s 50-day moving average price is $544.65 and its 200-day moving average price is $451.00. Spotify Technology S.A. has a 12-month low of $249.58 and a 12-month high of $652.63. The stock has a market capitalization of $120.06 billion, a P/E ratio of 98.57 and a beta of 1.66.

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.