Prudential Financial Inc. Increases Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Prudential Financial Inc. increased its position in Spotify Technology S.A. (NYSE:SPOT) by 128.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,676 shares of the company’s stock after buying an additional 7,685 shares during the quarter. Prudential Financial Inc.’s holdings in Spotify Technology were worth $6,118,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in SPOT. Hillsdale Investment Management Inc. acquired a new stake in Spotify Technology during the fourth quarter worth about $27,000. Prestige Wealth Management Group LLC acquired a new stake in Spotify Technology during the 3rd quarter worth approximately $26,000. Hobbs Group Advisors LLC purchased a new position in Spotify Technology in the third quarter valued at approximately $33,000. Larson Financial Group LLC grew its stake in Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after buying an additional 33 shares during the period. Finally, Quent Capital LLC grew its stake in Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after buying an additional 57 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SPOT has been the topic of several recent research reports. Citigroup lifted their target price on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Barclays upped their target price on Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Morgan Stanley boosted their price target on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $480.00 price objective (down previously from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. Finally, The Goldman Sachs Group boosted their target price on shares of Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. Nine investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $552.47.

Spotify Technology Price Performance

NYSE:SPOT opened at $559.76 on Monday. The firm has a market capitalization of $114.59 billion, a P/E ratio of 94.08 and a beta of 1.66. The business has a 50 day simple moving average of $578.28 and a 200 day simple moving average of $479.17. Spotify Technology S.A. has a 12-month low of $260.80 and a 12-month 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.