Petra Financial Advisors Inc. Acquires 34 Shares of Spotify Technology S.A. (NYSE:SPOT)

Petra Financial Advisors Inc. boosted its holdings in Spotify Technology S.A. (NYSE:SPOT) by 2.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,562 shares of the company’s stock after purchasing an additional 34 shares during the period. Petra Financial Advisors Inc.’s holdings in Spotify Technology were worth $699,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Prime Capital Investment Advisors LLC bought a new position in shares of Spotify Technology during the third quarter valued at about $244,000. OneDigital Investment Advisors LLC raised 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 valued at $396,000 after acquiring an additional 301 shares during the last quarter. Natixis Advisors LLC raised its stake in shares of Spotify Technology by 11.7% during the third quarter. Natixis Advisors LLC now owns 94,246 shares of the company’s stock valued at $34,732,000 after acquiring an additional 9,892 shares during the last quarter. GLOBALT Investments LLC GA bought a new position in shares of Spotify Technology during the third quarter valued at about $809,000. Finally, LMR Partners LLP raised its stake in shares of Spotify Technology by 462.1% during the third quarter. LMR Partners LLP now owns 48,089 shares of the company’s stock valued at $17,722,000 after acquiring an additional 39,533 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Barclays upped their price objective on shares of Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Guggenheim reiterated a “buy” rating and set a $675.00 price target on shares of Spotify Technology in a research report on Monday, February 24th. Canaccord Genuity Group boosted their price target on shares of Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Macquarie boosted their price target on shares of Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Eight research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $540.68.

Spotify Technology Stock Up 4.0 %

Shares of Spotify Technology stock opened at $597.78 on Tuesday. The company has a market cap of $122.37 billion, a price-to-earnings ratio of 100.47 and a beta of 1.66. The company’s 50 day moving average is $557.92 and its 200 day moving average is $462.95. Spotify Technology S.A. has a twelve month low of $249.58 and a twelve 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.