Spotify Technology S.A. (NYSE:SPOT) Shares Acquired by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. increased its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 8.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 636,266 shares of the company’s stock after purchasing an additional 46,882 shares during the period. Envestnet Asset Management Inc. owned 0.32% of Spotify Technology worth $284,653,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the stock. Prestige Wealth Management Group LLC purchased a new position in Spotify Technology during the third quarter worth approximately $26,000. Hillsdale Investment Management Inc. acquired a new stake in Spotify Technology during the fourth quarter worth about $27,000. Hobbs Group Advisors LLC purchased a new position in shares of Spotify Technology in the 3rd quarter worth about $33,000. Quent Capital LLC lifted its stake in shares of Spotify Technology by 135.7% in the 4th 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, Noble Wealth Management PBC purchased a new stake in shares of Spotify Technology during the 4th quarter worth about $52,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SPOT. Barclays lifted their price target on shares of Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Redburn Atlantic initiated coverage on shares of Spotify Technology in a research report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 price target for the company. Citigroup raised their price objective on Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. Wells Fargo & Company upped their target price on Spotify Technology from $690.00 to $740.00 and gave the stock an “overweight” rating in a research report on Friday, March 28th. Finally, Canaccord Genuity Group raised their target price on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Nine analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average target price of $557.47.

Spotify Technology Price Performance

NYSE SPOT opened at $502.90 on Friday. Spotify Technology S.A. has a 12 month low of $267.76 and a 12 month high of $652.63. The firm has a market capitalization of $102.95 billion, a PE ratio of 84.52 and a beta of 1.75. The company’s 50 day simple moving average is $583.28 and its 200 day simple moving average is $485.42.

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.