MONECO Advisors LLC Purchases Shares of 5,507 Spotify Technology S.A. (NYSE:SPOT)

MONECO Advisors LLC purchased a new stake in Spotify Technology S.A. (NYSE:SPOT) in the 4th quarter, HoldingsChannel.com reports. The fund purchased 5,507 shares of the company’s stock, valued at approximately $2,464,000.

Other large investors have also recently added to or reduced their stakes in the company. Aigen Investment Management LP raised its holdings in Spotify Technology by 42.4% in the 3rd quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after acquiring an additional 2,918 shares in the last quarter. Jennison Associates LLC acquired a new position in Spotify Technology in the 4th quarter valued at approximately $1,335,575,000. Marks Group Wealth Management Inc acquired a new position in Spotify Technology in the 4th quarter valued at approximately $535,000. Patriot Financial Group Insurance Agency LLC acquired a new position in Spotify Technology in the 4th quarter valued at approximately $214,000. Finally, Pathway Capital Management LP raised its holdings in Spotify Technology by 23.8% in the 3rd quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock valued at $21,132,000 after acquiring an additional 11,042 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on SPOT shares. JPMorgan Chase & Co. increased their target price on Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Piper Sandler increased their target price on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Wells Fargo & Company increased their target price on Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Phillip Securities reissued an “accumulate” rating and issued a $485.00 target price (up from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. Finally, Canaccord Genuity Group increased their target price on Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. One research 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $529.43.

Spotify Technology Stock Performance

Shares of SPOT opened at $606.98 on Friday. The firm has a market capitalization of $120.82 billion, a price-to-earnings ratio of 102.01 and a beta of 1.63. The business’s fifty day moving average price is $523.55 and its two-hundred day moving average price is $436.50. Spotify Technology S.A. has a 52 week low of $243.99 and a 52 week high of $652.63.

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.