Parallel Advisors LLC Increases Holdings in Spotify Technology S.A. (NYSE:SPOT)

Parallel Advisors LLC increased its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 154.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,483 shares of the company’s stock after purchasing an additional 1,506 shares during the period. Parallel Advisors LLC’s holdings in Spotify Technology were worth $1,111,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA boosted its position in Spotify Technology by 3.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock valued at $1,286,969,000 after buying an additional 102,786 shares during the last quarter. Jennison Associates LLC purchased a new position in Spotify Technology in the 4th quarter valued at about $1,335,575,000. State Street Corp boosted its position in Spotify Technology by 1.5% in 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. FMR LLC boosted its position in Spotify Technology by 23.4% in the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after buying an additional 297,035 shares during the last quarter. Finally, Forsta AP Fonden purchased a new position in Spotify Technology in the 4th quarter valued at about $619,600,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Canaccord Genuity Group upped their price objective on shares of Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Wells Fargo & Company increased their price target on shares of Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. The Goldman Sachs Group increased their price target on shares of Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. UBS Group increased their price target on shares of Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Finally, JPMorgan Chase & Co. increased their price target on shares of Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Eight equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $540.68.

Spotify Technology Trading Up 2.9 %

Shares of NYSE:SPOT opened at $585.75 on Thursday. The firm’s 50 day moving average is $562.18 and its two-hundred day moving average is $465.39. Spotify Technology S.A. has a 52 week low of $254.42 and a 52 week high of $652.63. The firm has a market capitalization of $119.91 billion, a P/E ratio of 98.45 and a beta of 1.66.

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.