Xponance Inc. Increases Holdings in Spotify Technology S.A. (NYSE:SPOT)

Xponance Inc. increased its stake in Spotify Technology S.A. (NYSE:SPOT) by 8.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 21,097 shares of the company’s stock after purchasing an additional 1,711 shares during the quarter. Xponance Inc.’s holdings in Spotify Technology were worth $9,438,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Prestige Wealth Management Group LLC purchased a new position in shares of Spotify Technology in the third quarter valued at $26,000. Hobbs Group Advisors LLC purchased a new position in Spotify Technology during the third quarter worth about $33,000. Larson Financial Group LLC grew its position 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 in the last quarter. Quent Capital LLC increased its stake 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 acquiring an additional 57 shares during the last quarter. Finally, Noble Wealth Management PBC purchased a new stake in shares of Spotify Technology in the 4th quarter valued at about $52,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several recent analyst reports. Rosenblatt Securities reissued a “neutral” rating and set a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Redburn Atlantic initiated coverage on shares of Spotify Technology in a research note on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 target price on the stock. Morgan Stanley raised their target price on shares of Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. UBS Group raised their target price on shares of Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Finally, JPMorgan Chase & Co. raised their target price on shares of Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Eight investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and an average target price of $540.68.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $569.63 on Wednesday. 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 capitalization of $116.61 billion, a price-to-earnings ratio of 95.74 and a beta of 1.66. The company’s 50 day moving average price is $560.06 and its 200-day moving average price is $464.55.

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.