Steward Partners Investment Advisory LLC Increases Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Steward Partners Investment Advisory LLC grew its position in Spotify Technology S.A. (NYSE:SPOT) by 4.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,072 shares of the company’s stock after buying an additional 85 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in Spotify Technology were worth $927,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Principal Financial Group Inc. boosted its stake in shares of Spotify Technology by 11.8% during the third quarter. Principal Financial Group Inc. now owns 39,578 shares of the company’s stock valued at $14,586,000 after acquiring an additional 4,192 shares during the last quarter. CWA Asset Management Group LLC acquired a new stake in shares of Spotify Technology during the third quarter valued at $409,000. Assetmark Inc. boosted its stake in shares of Spotify Technology by 5.4% during the third quarter. Assetmark Inc. now owns 28,436 shares of the company’s stock valued at $10,480,000 after acquiring an additional 1,454 shares during the last quarter. Atria Investments Inc boosted its stake in shares of Spotify Technology by 7.3% during the third quarter. Atria Investments Inc now owns 8,315 shares of the company’s stock valued at $3,064,000 after acquiring an additional 568 shares during the last quarter. Finally, Mesirow Financial Investment Management Inc. boosted its stake in shares of Spotify Technology by 12.4% during the third quarter. Mesirow Financial Investment Management Inc. now owns 1,109 shares of the company’s stock valued at $409,000 after acquiring an additional 122 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 8.3 %

SPOT stock opened at $488.00 on Tuesday. Spotify Technology S.A. has a 52-week low of $249.58 and a 52-week high of $652.63. The stock’s 50 day moving average is $548.54 and its two-hundred day moving average is $455.47. The company has a market capitalization of $99.90 billion, a PE ratio of 82.02 and a beta of 1.66.

Analyst Upgrades and Downgrades

A number of analysts recently commented on SPOT shares. Benchmark increased their price objective on Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Phillip Securities reaffirmed an “accumulate” rating and set a $485.00 price objective (up previously from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. Bank of America increased their price objective on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Macquarie raised their price target on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Finally, UBS Group raised their price target on Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $529.43.

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.