Proficio Capital Partners LLC Invests $125.69 Million in Spotify Technology S.A. (NYSE:SPOT)

Proficio Capital Partners LLC bought a new position in shares of Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, Holdings Channel reports. The fund bought 280,955 shares of the company’s stock, valued at approximately $125,694,000.

A number of other institutional investors and hedge funds also recently modified their holdings of SPOT. First Horizon Advisors Inc. lifted its stake in 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 acquiring an additional 26 shares in the last quarter. Joel Isaacson & Co. LLC lifted its stake in 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 acquiring an additional 29 shares in the last quarter. Avior Wealth Management LLC lifted its stake in Spotify Technology by 12.0% in the 3rd quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock worth $104,000 after acquiring an additional 30 shares in the last quarter. Park National Corp OH lifted its stake in Spotify Technology by 4.1% in the 4th quarter. Park National Corp OH now owns 793 shares of the company’s stock worth $355,000 after acquiring an additional 31 shares in the last quarter. Finally, Washington Trust Advisors Inc. lifted its stake in Spotify Technology by 12.0% in the 3rd quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock worth $110,000 after acquiring an additional 32 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Bank of America increased their price objective on Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Rosenblatt Securities reissued a “neutral” rating and issued a $658.00 price objective (up from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. The Goldman Sachs Group raised their price target on Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research note on Thursday, February 6th. Phillip Securities reaffirmed an “accumulate” rating and set a $485.00 price target (up from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. Finally, Canaccord Genuity Group raised their price target on Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $529.43.

Spotify Technology Stock Down 2.1 %

SPOT opened at $590.28 on Friday. The firm has a market capitalization of $117.50 billion, a P/E ratio of 99.21 and a beta of 1.63. The stock’s 50 day moving average price is $533.95 and its two-hundred day moving average price is $443.05. Spotify Technology S.A. has a 12-month low of $249.38 and a 12-month 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.