Petra Financial Advisors Inc. Has $699,000 Position in Spotify Technology S.A. (NYSE:SPOT)

Petra Financial Advisors Inc. grew its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 2.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,562 shares of the company’s stock after acquiring an additional 34 shares during the period. Petra Financial Advisors Inc.’s holdings in Spotify Technology were worth $699,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Prime Capital Investment Advisors LLC acquired a new stake in shares of Spotify Technology in the 3rd quarter valued at about $244,000. OneDigital Investment Advisors LLC grew its stake in shares of Spotify Technology by 38.9% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 1,074 shares of the company’s stock valued at $396,000 after buying an additional 301 shares during the period. Natixis Advisors LLC grew its stake in shares of Spotify Technology by 11.7% in the 3rd quarter. Natixis Advisors LLC now owns 94,246 shares of the company’s stock valued at $34,732,000 after buying an additional 9,892 shares during the period. GLOBALT Investments LLC GA acquired a new stake in shares of Spotify Technology in the 3rd quarter valued at about $809,000. Finally, LMR Partners LLP grew its stake in shares of Spotify Technology by 462.1% in the 3rd quarter. LMR Partners LLP now owns 48,089 shares of the company’s stock valued at $17,722,000 after buying an additional 39,533 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Up 4.0 %

Spotify Technology stock opened at $597.78 on Tuesday. The company has a market capitalization of $122.37 billion, a PE ratio of 100.47 and a beta of 1.66. The firm has a fifty day simple moving average of $557.92 and a two-hundred day simple moving average of $462.95. Spotify Technology S.A. has a twelve month low of $249.58 and a twelve month high of $652.63.

Analysts Set New Price Targets

Several brokerages have recently commented on SPOT. Benchmark raised their target price on Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Redburn Atlantic began 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. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $480.00 price target (down previously from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. Citigroup raised their price target on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. Finally, The Goldman Sachs Group lifted their target price on shares of Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. Eight equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $540.68.

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.