Spotify Technology S.A. (NYSE:SPOT) Stake Lifted by Parallel Advisors LLC

Parallel Advisors LLC increased its stake in Spotify Technology S.A. (NYSE:SPOT) by 154.1% in the 4th quarter, HoldingsChannel reports. The fund owned 2,483 shares of the company’s stock after acquiring an additional 1,506 shares during the period. Parallel Advisors LLC’s holdings in Spotify Technology were worth $1,111,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in SPOT. OneDigital Investment Advisors LLC boosted its holdings in shares of Spotify Technology by 38.9% in the third quarter. OneDigital Investment Advisors LLC now owns 1,074 shares of the company’s stock valued at $396,000 after acquiring an additional 301 shares in the last quarter. Pathstone Holdings LLC boosted its holdings in Spotify Technology by 16.9% during the third quarter. Pathstone Holdings LLC now owns 24,258 shares of the company’s stock worth $8,940,000 after buying an additional 3,515 shares in the last quarter. Caprock Group LLC boosted its holdings in Spotify Technology by 4.4% during the third quarter. Caprock Group LLC now owns 4,696 shares of the company’s stock worth $1,731,000 after buying an additional 199 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Spotify Technology by 12.4% during the third quarter. PNC Financial Services Group Inc. now owns 11,763 shares of the company’s stock worth $4,335,000 after buying an additional 1,299 shares in the last quarter. Finally, Avior Wealth Management LLC boosted its holdings in Spotify Technology by 12.0% during the third quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock worth $104,000 after buying an additional 30 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on SPOT shares. Benchmark raised their target price on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. JPMorgan Chase & Co. raised their price objective on shares of Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Guggenheim reaffirmed a “buy” rating and issued a $675.00 price objective on shares of Spotify Technology in a research note on Monday, February 24th. Redburn Atlantic started coverage on shares of Spotify Technology in a research note on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 price objective for the company. Finally, UBS Group increased their target price on shares of Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Eight research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus target price of $540.68.

Spotify Technology Price Performance

Shares of SPOT opened at $585.75 on Thursday. The company has a market capitalization of $119.91 billion, a PE ratio of 98.45 and a beta of 1.66. Spotify Technology S.A. has a one year low of $254.42 and a one year high of $652.63. The company’s fifty day moving average price is $562.18 and its 200 day moving average price is $465.39.

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.