Spotify Technology S.A. (NYSE:SPOT) Position Boosted by HighPoint Advisor Group LLC

HighPoint Advisor Group LLC boosted its holdings in Spotify Technology S.A. (NYSE:SPOT) by 35.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,207 shares of the company’s stock after purchasing an additional 315 shares during the quarter. HighPoint Advisor Group LLC’s holdings in Spotify Technology were worth $540,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of SPOT. Prestige Wealth Management Group LLC bought a new position in Spotify Technology in the 3rd quarter worth approximately $26,000. Hillsdale Investment Management Inc. acquired a new stake in shares of Spotify Technology during the fourth quarter worth $27,000. Hobbs Group Advisors LLC acquired a new stake in Spotify Technology during the 3rd quarter worth about $33,000. Quent Capital LLC raised its holdings in shares of Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after acquiring an additional 57 shares during the period. Finally, Noble Wealth Management PBC acquired a new stake in Spotify Technology during the 4th quarter valued at $52,000. Institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SPOT. FBN Securities began coverage on shares of Spotify Technology in a research note on Friday, March 28th. They issued a “sector perform” rating and a $645.00 price target on the stock. Wells Fargo & Company increased their price objective on Spotify Technology from $690.00 to $740.00 and gave the stock an “overweight” rating in a report on Friday, March 28th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $480.00 target price (down from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Canaccord Genuity Group increased their price target on shares of Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Finally, China Renaissance initiated coverage on shares of Spotify Technology in a research note on Wednesday, March 26th. They issued a “buy” rating and a $740.00 price objective for the company. Nine equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $557.47.

Spotify Technology Stock Performance

SPOT opened at $565.17 on Thursday. The firm’s fifty day moving average is $582.30 and its two-hundred day moving average is $482.76. The firm has a market cap of $115.69 billion, a PE ratio of 94.99 and a beta of 1.66. Spotify Technology S.A. has a twelve month low of $267.76 and a twelve month high of $652.63.

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.