Spotify Technology S.A. (NYSE:SPOT) Stake Raised by Orion Portfolio Solutions LLC

Orion Portfolio Solutions LLC grew its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 105.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,831 shares of the company’s stock after purchasing an additional 3,499 shares during the period. Orion Portfolio Solutions LLC’s holdings in Spotify Technology were worth $3,056,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. Prestige Wealth Management Group LLC purchased a new stake in shares of Spotify Technology during the third quarter valued at $26,000. Hillsdale Investment Management Inc. purchased a new stake in Spotify Technology during the fourth quarter valued at about $27,000. Hobbs Group Advisors LLC acquired a new position in shares of Spotify Technology in the third quarter worth about $33,000. Quent Capital LLC increased its position in shares of Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after acquiring an additional 57 shares in the last quarter. Finally, Noble Wealth Management PBC acquired a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $52,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

SPOT has been the topic of several research analyst reports. Redburn Atlantic initiated coverage on shares of Spotify Technology in a research report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 price objective on the stock. FBN Securities initiated coverage on Spotify Technology in a report on Friday. They set a “sector perform” rating and a $645.00 price target on the stock. China Renaissance initiated coverage on Spotify Technology in a research note on Wednesday, March 26th. They issued a “buy” rating and a $740.00 price objective for the company. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $480.00 target price (down previously from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Finally, Morgan Stanley increased their price target on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Nine investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and an average target price of $552.47.

Spotify Technology Price Performance

NYSE:SPOT opened at $551.10 on Tuesday. Spotify Technology S.A. has a one year low of $260.80 and a one year high of $652.63. The company has a fifty day moving average price of $579.58 and a 200 day moving average price of $480.67. The stock has a market cap of $112.81 billion, a P/E ratio of 92.62 and a beta of 1.66.

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.