Trek Financial LLC Invests $2.53 Million in Spotify Technology S.A. (NYSE:SPOT)

Trek Financial LLC purchased a new stake in Spotify Technology S.A. (NYSE:SPOT) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 5,647 shares of the company’s stock, valued at approximately $2,526,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. HighTower Advisors LLC grew its holdings in shares of Spotify Technology by 25.2% during the 3rd quarter. HighTower Advisors LLC now owns 16,549 shares of the company’s stock valued at $6,073,000 after acquiring an additional 3,330 shares in the last quarter. Integrated Wealth Concepts LLC grew its stake in Spotify Technology by 5.6% in the third quarter. Integrated Wealth Concepts LLC now owns 1,743 shares of the company’s stock valued at $642,000 after purchasing an additional 93 shares in the last quarter. Quantinno Capital Management LP increased its position in Spotify Technology by 14.2% in the 3rd quarter. Quantinno Capital Management LP now owns 9,500 shares of the company’s stock worth $3,501,000 after purchasing an additional 1,180 shares during the last quarter. Stifel Financial Corp raised its stake in shares of Spotify Technology by 16.2% during the 3rd quarter. Stifel Financial Corp now owns 64,083 shares of the company’s stock worth $23,617,000 after purchasing an additional 8,919 shares in the last quarter. Finally, 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 buying an additional 28,864 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

NYSE:SPOT opened at $502.90 on Monday. The company has a 50-day moving average of $583.28 and a 200-day moving average of $486.41. Spotify Technology S.A. has a 52 week low of $267.76 and a 52 week high of $652.63. The company has a market capitalization of $102.95 billion, a price-to-earnings ratio of 84.52 and a beta of 1.75.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on SPOT shares. KeyCorp increased their price objective on Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. China Renaissance began coverage on shares of Spotify Technology in a report on Wednesday, March 26th. They set a “buy” rating and a $740.00 price target on the stock. Guggenheim reiterated a “buy” rating and issued a $675.00 price objective on shares of Spotify Technology in a report on Monday, February 24th. Barclays increased their target price on shares of Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Finally, Redburn Atlantic initiated coverage on Spotify Technology in a research note on Tuesday, March 11th. They set a “neutral” rating and a $545.00 price target for the company. Nine analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $557.47.

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.