Trek Financial LLC Makes New Investment in Spotify Technology S.A. (NYSE:SPOT)

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

Several other large investors have also recently made changes to their positions in SPOT. Prestige Wealth Management Group LLC acquired a new position in shares of Spotify Technology during the 3rd quarter worth approximately $26,000. Hillsdale Investment Management Inc. purchased a new position in Spotify Technology during the fourth quarter valued at $27,000. Hobbs Group Advisors LLC acquired a new stake in shares of Spotify Technology in the third quarter valued at about $33,000. Quent Capital LLC increased its stake in shares of Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after purchasing an additional 57 shares in the last quarter. Finally, Noble Wealth Management PBC acquired a new position in shares of Spotify Technology during the fourth quarter valued at approximately $52,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Down 9.9 %

NYSE:SPOT opened at $502.90 on Monday. Spotify Technology S.A. has a 52-week low of $267.76 and a 52-week high of $652.63. The firm has a market cap of $102.95 billion, a P/E ratio of 84.52 and a beta of 1.75. The business’s 50-day moving average price is $583.28 and its 200 day moving average price is $486.41.

Analysts Set New Price Targets

SPOT has been the topic of several recent analyst reports. Cantor Fitzgerald reiterated a “neutral” rating and issued a $480.00 target price (down from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. Citigroup raised their price objective on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research note on Friday, February 14th. JPMorgan Chase & Co. upped their price target on Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Rosenblatt Securities restated a “neutral” rating and issued a $658.00 price objective (up from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Finally, Redburn Atlantic initiated coverage on Spotify Technology in a report on Tuesday, March 11th. They issued 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 given a buy rating to the company’s stock. According to MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $557.47.

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.