Noble Wealth Management PBC Takes Position in Spotify Technology S.A. (NYSE:SPOT)

Noble Wealth Management PBC bought a new stake in Spotify Technology S.A. (NYSE:SPOT) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 116 shares of the company’s stock, valued at approximately $52,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. WCM Investment Management LLC lifted its holdings in shares of Spotify Technology by 18.5% in the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after purchasing an additional 605,755 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Spotify Technology by 3.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock valued at $1,286,969,000 after purchasing an additional 102,786 shares during the last quarter. Jennison Associates LLC purchased a new stake in shares of Spotify Technology in the 4th quarter valued at about $1,335,575,000. State Street Corp lifted its holdings in shares of Spotify Technology by 1.5% in the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after purchasing an additional 28,864 shares during the last quarter. Finally, FMR LLC lifted its holdings in shares of Spotify Technology by 23.4% in the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after purchasing an additional 297,035 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on SPOT. Piper Sandler boosted their target price on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Canaccord Genuity Group boosted their price target on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Benchmark boosted their price target on Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Rosenblatt Securities restated a “neutral” rating and issued a $658.00 price target (up previously from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. Finally, Pivotal Research boosted their price target on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus target price of $529.43.

Spotify Technology Price Performance

NYSE SPOT opened at $608.16 on Friday. Spotify Technology S.A. has a 1-year low of $249.58 and a 1-year high of $652.63. The company has a market capitalization of $121.06 billion, a P/E ratio of 102.21 and a beta of 1.63. The business has a 50 day moving average price of $536.90 and a 200 day moving average price of $445.69.

Spotify Technology Company 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.