Harbour Investments Inc. Grows Stake in Spotify Technology S.A. (NYSE:SPOT)

Harbour Investments Inc. grew its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 13.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 222 shares of the company’s stock after purchasing an additional 26 shares during the quarter. Harbour Investments Inc.’s holdings in Spotify Technology were worth $99,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Prestige Wealth Management Group LLC acquired a new position in Spotify Technology during the 3rd quarter worth approximately $26,000. Hobbs Group Advisors LLC acquired a new position in shares of Spotify Technology during the third quarter worth $33,000. Larson Financial Group LLC boosted its stake in shares of Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares during the period. Quent Capital LLC grew its holdings in Spotify Technology by 135.7% during 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 Spotify Technology during the 4th quarter worth $52,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of SPOT opened at $599.64 on Monday. The firm has a fifty day moving average of $567.23 and a 200-day moving average of $470.02. The company has a market cap of $122.75 billion, a price-to-earnings ratio of 100.78 and a beta of 1.66. Spotify Technology S.A. has a 1 year low of $257.56 and a 1 year high of $652.63.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SPOT. Benchmark upped their price objective on shares of Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Canaccord Genuity Group increased their price target on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. JPMorgan Chase & Co. lifted their price objective on Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Cantor Fitzgerald reiterated a “neutral” rating and set a $480.00 target price (down from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Finally, Barclays lifted their price target on shares of Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Eight equities 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, the company has an average rating of “Moderate Buy” and an average target price of $540.68.

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.