Truist Financial Corp Grows Stake in Spotify Technology S.A. (NYSE:SPOT)

Truist Financial Corp grew its holdings in Spotify Technology S.A. (NYSE:SPOT) by 35.4% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 26,180 shares of the company’s stock after buying an additional 6,845 shares during the quarter. Truist Financial Corp’s holdings in Spotify Technology were worth $11,712,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in SPOT. Jennison Associates LLC purchased a new position in shares of Spotify Technology in the 4th quarter valued at approximately $1,335,575,000. Forsta AP Fonden purchased a new position in Spotify Technology during the fourth quarter valued at $619,600,000. WCM Investment Management LLC raised its stake in Spotify Technology by 18.5% during 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 buying an additional 605,755 shares during the last quarter. International Assets Investment Management LLC raised its stake in Spotify Technology by 36,910.0% during the third 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 last quarter. Finally, FMR LLC raised its stake in Spotify Technology by 23.4% during the third 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. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 1.0 %

Shares of SPOT opened at $636.52 on Friday. The business has a 50-day simple moving average of $521.07 and a two-hundred day simple moving average of $433.77. The stock has a market cap of $126.70 billion, a price-to-earnings ratio of 106.98 and a beta of 1.63. Spotify Technology S.A. has a 52 week low of $240.73 and a 52 week high of $652.63.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on SPOT shares. TD Cowen lifted their price objective on Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a research note on Wednesday, November 13th. Wolfe Research restated a “peer perform” rating on shares of Spotify Technology in a research note on Friday, January 17th. Deutsche Bank Aktiengesellschaft boosted their price target on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Rosenblatt Securities restated a “neutral” rating and issued a $658.00 price target (up previously from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. Finally, Piper Sandler boosted their price target on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology presently 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.