Maridea Wealth Management LLC Takes $381,000 Position in Spotify Technology S.A. (NYSE:SPOT)

Maridea Wealth Management LLC bought a new stake in Spotify Technology S.A. (NYSE:SPOT) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 852 shares of the company’s stock, valued at approximately $381,000.

Other large investors have also recently added to or reduced their stakes in the company. Hillsdale Investment Management Inc. acquired a new position in shares of Spotify Technology during the 4th quarter valued at about $27,000. Prestige Wealth Management Group LLC purchased a new stake in Spotify Technology in the third quarter valued at approximately $26,000. Hobbs Group Advisors LLC acquired a new position in Spotify Technology during the third quarter worth approximately $33,000. Larson Financial Group LLC raised its stake in Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares during the period. Finally, Quent Capital LLC boosted its holdings 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 purchasing an additional 57 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

Spotify Technology stock opened at $559.76 on Friday. Spotify Technology S.A. has a 1 year low of $260.80 and a 1 year high of $652.63. The firm’s 50-day moving average is $578.28 and its 200-day moving average is $478.17. The company has a market cap of $114.59 billion, a P/E ratio of 94.08 and a beta of 1.66.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SPOT. Rosenblatt Securities restated a “neutral” rating and set a $658.00 price objective (up from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Canaccord Genuity Group raised their price objective on Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Barclays lifted their price objective on Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Guggenheim reissued a “buy” rating and set a $675.00 target price on shares of Spotify Technology in a research report on Monday, February 24th. Finally, FBN Securities initiated coverage on shares of Spotify Technology in a research report on Friday. They set a “sector perform” rating and a $645.00 price target on the stock. Nine analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $552.47.

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.