Whittier Trust Co. Grows Position in Spotify Technology S.A. (NYSE:SPOT)

Whittier Trust Co. lifted its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 79.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 3,153 shares of the company’s stock after purchasing an additional 1,394 shares during the quarter. Whittier Trust Co.’s holdings in Spotify Technology were worth $1,411,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SPOT. Jennison Associates LLC purchased a new stake in Spotify Technology during the fourth quarter worth approximately $1,335,575,000. State Street Corp lifted its holdings in shares of Spotify Technology by 1.5% during the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after acquiring an additional 28,864 shares in the last quarter. FMR LLC boosted its position in Spotify Technology by 23.4% during the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after purchasing an additional 297,035 shares during the period. Forsta AP Fonden acquired a new stake in Spotify Technology in the 4th quarter valued at $619,600,000. Finally, Two Sigma Advisers LP raised its position in Spotify Technology by 19.0% in the third quarter. Two Sigma Advisers LP now owns 980,000 shares of the company’s stock valued at $361,159,000 after purchasing an additional 156,300 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SPOT. Wells Fargo & Company increased their target price on Spotify Technology from $520.00 to $690.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Cantor Fitzgerald reiterated a “neutral” rating and set a $480.00 price objective (down previously from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Redburn Atlantic initiated coverage on shares of Spotify Technology in a research report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 target price on the stock. Rosenblatt Securities reaffirmed a “neutral” rating and set a $658.00 price target (up from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Finally, Macquarie upped their price objective on shares of Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Eight investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $540.68.

Spotify Technology Stock Up 0.9 %

Shares of NYSE:SPOT opened at $599.64 on Friday. The company has a market cap of $122.75 billion, a PE ratio of 100.78 and a beta of 1.66. Spotify Technology S.A. has a fifty-two week low of $257.56 and a fifty-two week high of $652.63. The firm has a 50-day simple moving average of $567.23 and a 200 day simple moving average of $468.06.

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.