PNC Financial Services Group Inc. Purchases 1,671 Shares of Spotify Technology S.A. (NYSE:SPOT)

PNC Financial Services Group Inc. lifted its stake in Spotify Technology S.A. (NYSE:SPOT) by 14.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,434 shares of the company’s stock after purchasing an additional 1,671 shares during the period. PNC Financial Services Group Inc.’s holdings in Spotify Technology were worth $6,010,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Auxano Advisors LLC lifted its position in shares of Spotify Technology by 2.5% in the 4th quarter. Auxano Advisors LLC now owns 828 shares of the company’s stock worth $370,000 after purchasing an additional 20 shares during the period. SRS Capital Advisors Inc. lifted its position in shares of Spotify Technology by 4.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 573 shares of the company’s stock worth $256,000 after purchasing an additional 25 shares during the period. First Horizon Advisors Inc. lifted its position in shares of Spotify Technology by 5.8% in the 3rd quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock worth $176,000 after purchasing an additional 26 shares during the period. Cookson Peirce & Co. Inc. lifted its position in shares of Spotify Technology by 1.9% in the 4th quarter. Cookson Peirce & Co. Inc. now owns 1,467 shares of the company’s stock worth $656,000 after purchasing an additional 27 shares during the period. Finally, Joel Isaacson & Co. LLC lifted its position in shares of Spotify Technology by 1.9% in the 4th quarter. Joel Isaacson & Co. LLC now owns 1,559 shares of the company’s stock worth $697,000 after purchasing an additional 29 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SPOT has been the subject of several research analyst reports. JPMorgan Chase & Co. raised their target price on shares of Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Cantor Fitzgerald reissued a “neutral” rating and set a $480.00 price target (down from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. KeyCorp lifted their price target on shares of Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Morgan Stanley lifted their price target on shares of Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Finally, Wolfe Research reissued a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. Eight analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $540.68.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $536.87 on Thursday. The stock has a market capitalization of $109.90 billion, a price-to-earnings ratio of 90.23 and a beta of 1.66. The stock’s 50-day simple moving average is $551.54 and its two-hundred day simple moving average is $457.20. Spotify Technology S.A. has a 52-week low of $249.58 and a 52-week high of $652.63.

Spotify Technology 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.