Brooklyn FI LLC Makes New Investment in Spotify Technology S.A. (NYSE:SPOT)

Brooklyn FI LLC purchased a new position in shares of Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, Holdings Channel.com reports. The fund purchased 1,536 shares of the company’s stock, valued at approximately $658,000.

A number of other large investors have also modified their holdings of SPOT. OneDigital Investment Advisors LLC grew its stake in shares of Spotify Technology by 38.9% during the third quarter. OneDigital Investment Advisors LLC now owns 1,074 shares of the company’s stock worth $396,000 after acquiring an additional 301 shares during the last quarter. Pathstone Holdings LLC grew its stake in shares of Spotify Technology by 16.9% during the third quarter. Pathstone Holdings LLC now owns 24,258 shares of the company’s stock worth $8,940,000 after acquiring an additional 3,515 shares during the last quarter. Caprock Group LLC grew its stake in shares of Spotify Technology by 4.4% during the third quarter. Caprock Group LLC now owns 4,696 shares of the company’s stock worth $1,731,000 after acquiring an additional 199 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Spotify Technology by 12.4% during the third quarter. PNC Financial Services Group Inc. now owns 11,763 shares of the company’s stock worth $4,335,000 after acquiring an additional 1,299 shares during the last quarter. Finally, Avior Wealth Management LLC grew its stake in shares of Spotify Technology by 12.0% during the third quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock worth $104,000 after acquiring an additional 30 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT stock opened at $585.75 on Thursday. The company has a market cap of $119.91 billion, a price-to-earnings ratio of 98.45 and a beta of 1.66. The stock has a 50 day simple moving average of $562.18 and a 200-day simple moving average of $465.39. Spotify Technology S.A. has a 1-year low of $254.42 and a 1-year high of $652.63.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on SPOT shares. Benchmark boosted their price target on Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Guggenheim reiterated a “buy” rating and issued a $675.00 target price on shares of Spotify Technology in a research report on Monday, February 24th. Redburn Atlantic began coverage on Spotify Technology in a research report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 target price on the stock. JPMorgan Chase & Co. upped their target price on Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Finally, Canaccord Genuity Group upped their target price on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Eight research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $540.68.

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.