Lake Street Advisors Group LLC Grows Stake in Spotify Technology S.A. (NYSE:SPOT)

Lake Street Advisors Group LLC boosted its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 82.4% during the fourth quarter, Holdings Channel reports. The firm owned 2,707 shares of the company’s stock after buying an additional 1,223 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Spotify Technology were worth $1,211,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Prestige Wealth Management Group LLC purchased a new stake in shares of Spotify Technology in the 3rd quarter worth about $26,000. Hobbs Group Advisors LLC purchased a new position in Spotify Technology during the 3rd quarter valued at about $33,000. Larson Financial Group LLC raised its position in Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after acquiring an additional 33 shares during the last quarter. Quent Capital LLC lifted its holdings in shares of Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after purchasing an additional 57 shares in the last quarter. Finally, Rakuten Securities Inc. grew its position in shares of Spotify Technology by 40.5% in the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after purchasing an additional 32 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 $602.53 on Thursday. Spotify Technology S.A. has a one year low of $249.38 and a one year high of $652.63. The company’s 50 day moving average price is $531.23 and its 200 day moving average price is $442.02. The firm has a market capitalization of $119.94 billion, a price-to-earnings ratio of 101.27 and a beta of 1.63.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on SPOT shares. Bank of America lifted their price objective on Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Morgan Stanley boosted their price target on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Guggenheim reaffirmed a “buy” rating and set a $675.00 price objective on shares of Spotify Technology in a research note on Monday. Cantor Fitzgerald reiterated a “neutral” rating and set a $480.00 price objective (down previously from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. Finally, Wells Fargo & Company upped their target price on shares of Spotify Technology from $520.00 to $690.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus target price of $529.43.

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.