PNC Financial Services Group Inc. Boosts Stock Position in Spotify Technology S.A. (NYSE:SPOT)

PNC Financial Services Group Inc. grew its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 14.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 13,434 shares of the company’s stock after buying an additional 1,671 shares during the period. PNC Financial Services Group Inc.’s holdings in Spotify Technology were worth $6,010,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in SPOT. Prestige Wealth Management Group LLC purchased a new position in Spotify Technology in the 3rd quarter worth approximately $26,000. Hobbs Group Advisors LLC purchased a new position in Spotify Technology in the 3rd quarter worth approximately $33,000. Larson Financial Group LLC lifted its holdings in Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares in the last quarter. Rakuten Securities Inc. lifted its holdings in Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after purchasing an additional 32 shares in the last quarter. Finally, Quent Capital LLC lifted its holdings in Spotify Technology by 135.7% in the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after purchasing an additional 57 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Up 5.6 %

SPOT opened at $536.87 on Thursday. The business has a fifty day moving average of $551.54 and a 200 day moving average of $457.20. Spotify Technology S.A. has a 52-week low of $249.58 and a 52-week high of $652.63. The stock has a market cap of $109.90 billion, a P/E ratio of 90.23 and a beta of 1.66.

Wall Street Analyst Weigh In

SPOT has been the topic of a number of research analyst reports. Rosenblatt Securities reissued a “neutral” rating and issued a $658.00 price target (up from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. The Goldman Sachs Group lifted their price objective on Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research note on Thursday, February 6th. Piper Sandler lifted their price objective on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. 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 note on Tuesday, January 28th. Finally, Pivotal Research lifted their price objective on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Eight equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology currently has an average 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.