Nations Financial Group Inc. IA ADV Buys Shares of 978 Spotify Technology S.A. (NYSE:SPOT)

Nations Financial Group Inc. IA ADV bought a new stake in Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, HoldingsChannel reports. The institutional investor bought 978 shares of the company’s stock, valued at approximately $438,000.

Several other hedge funds have also recently bought and sold shares of SPOT. Jennison Associates LLC purchased a new position in Spotify Technology in the fourth quarter valued at $1,335,575,000. Forsta AP Fonden purchased a new position in shares of Spotify Technology in the 4th quarter valued at approximately $619,600,000. WCM Investment Management LLC increased its holdings in shares of Spotify Technology by 18.5% in the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after purchasing an additional 605,755 shares during the period. International Assets Investment Management LLC increased its stake in Spotify Technology by 36,910.0% in the 3rd quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock valued at $128,073,000 after buying an additional 346,585 shares during the period. Finally, FMR LLC raised its holdings in Spotify Technology by 23.4% during the third 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 in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SPOT. Barclays increased their price objective on Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Phillip Securities reissued an “accumulate” rating and set a $485.00 price objective (up previously from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. The Goldman Sachs Group increased their target price on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Bank of America upped their price target on Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, Piper Sandler boosted their target price on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price of $529.43.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $637.75 on Tuesday. The stock has a market capitalization of $126.94 billion, a PE ratio of 107.18 and a beta of 1.63. Spotify Technology S.A. has a one year low of $239.66 and a one year high of $652.63. The company’s 50-day moving average price is $508.35 and its two-hundred day moving average price is $426.64.

Spotify Technology Company 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.