Congress Wealth Management LLC DE Buys 335 Shares of Spotify Technology S.A. (NYSE:SPOT)

Congress Wealth Management LLC DE boosted its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 51.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 992 shares of the company’s stock after purchasing an additional 335 shares during the quarter. Congress Wealth Management LLC DE’s holdings in Spotify Technology were worth $444,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Spotify Technology by 28.9% during the 4th quarter. Vanguard Group Inc. now owns 885,795 shares of the company’s stock worth $396,287,000 after purchasing an additional 198,718 shares during the period. LPL Financial LLC grew its position in Spotify Technology by 32.5% during the fourth quarter. LPL Financial LLC now owns 83,364 shares of the company’s stock worth $37,295,000 after buying an additional 20,426 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in Spotify Technology during the fourth quarter valued at about $56,549,000. Hillsdale Investment Management Inc. acquired a new position in Spotify Technology in the 4th quarter valued at approximately $27,000. Finally, American Century Companies Inc. lifted its position in shares of Spotify Technology by 16.5% in the 4th quarter. American Century Companies Inc. now owns 236,360 shares of the company’s stock worth $105,743,000 after acquiring an additional 33,470 shares during the period. 84.09% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on SPOT shares. Morgan Stanley upped their target price on Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Citigroup raised their price objective on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a report on Friday, February 14th. Redburn Atlantic started 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. Macquarie raised their price target on shares of Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Finally, UBS Group upped their price objective on Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Nine investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $552.47.

Spotify Technology Stock Performance

NYSE:SPOT opened at $559.76 on Friday. The stock’s fifty day moving average price is $578.28 and its two-hundred day moving average price is $477.12. The company has a market cap of $114.59 billion, a price-to-earnings ratio of 94.08 and a beta of 1.66. Spotify Technology S.A. has a 52-week low of $260.80 and a 52-week 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.