Savvy Advisors Inc. Purchases New Stake in Spotify Technology S.A. (NYSE:SPOT)

Savvy Advisors Inc. acquired a new position in Spotify Technology S.A. (NYSE:SPOT) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 504 shares of the company’s stock, valued at approximately $225,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Thrivent Financial for Lutherans lifted its stake in Spotify Technology by 566.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company’s stock valued at $3,541,000 after purchasing an additional 6,782 shares during the last quarter. Jennison Associates LLC purchased a new position in shares of Spotify Technology during the 4th quarter valued at $1,335,575,000. Marks Group Wealth Management Inc bought a new position in shares of Spotify Technology during the 4th quarter worth $535,000. Patriot Financial Group Insurance Agency LLC purchased a new stake in Spotify Technology in the 4th quarter worth about $214,000. Finally, Swedbank AB raised its stake in Spotify Technology by 20.9% in the 4th quarter. Swedbank AB now owns 946,129 shares of the company’s stock valued at $423,279,000 after acquiring an additional 163,626 shares during the period. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Up 4.2 %

Spotify Technology stock opened at $572.45 on Wednesday. The firm has a fifty day simple moving average of $579.17 and a two-hundred day simple moving average of $495.60. Spotify Technology S.A. has a twelve month low of $267.76 and a twelve month high of $652.63. The company has a market capitalization of $117.18 billion, a PE ratio of 96.21 and a beta of 1.75.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Barclays increased their target price on shares of Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Cantor Fitzgerald reissued a “neutral” rating and set a $480.00 target price (down previously from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. UBS Group cut their price target on Spotify Technology from $690.00 to $680.00 and set a “buy” rating for the company in a report on Tuesday. FBN Securities started coverage on Spotify Technology in a research report on Friday, March 28th. They issued a “sector perform” rating and a $645.00 price target for the company. Finally, JPMorgan Chase & Co. dropped their price objective on Spotify Technology from $730.00 to $640.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Nine investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $563.07.

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.