Truist Financial Corp Purchases 6,845 Shares of Spotify Technology S.A. (NYSE:SPOT)

Truist Financial Corp increased its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 35.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,180 shares of the company’s stock after buying an additional 6,845 shares during the quarter. Truist Financial Corp’s holdings in Spotify Technology were worth $11,712,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of SPOT. Prestige Wealth Management Group LLC bought a new position in Spotify Technology in the 3rd quarter valued at $26,000. Hobbs Group Advisors LLC bought a new position in Spotify Technology in the 3rd quarter valued at $33,000. Larson Financial Group LLC grew its stake in Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares during the period. Quent Capital LLC grew its stake in Spotify Technology by 135.7% in the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after purchasing an additional 57 shares during the period. Finally, Rakuten Securities Inc. grew its stake in Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after purchasing an additional 32 shares during the period. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

SPOT opened at $636.52 on Friday. The stock’s 50 day simple moving average is $521.07 and its 200 day simple moving average is $433.77. Spotify Technology S.A. has a 1 year low of $240.73 and a 1 year high of $652.63. The firm has a market cap of $126.70 billion, a price-to-earnings ratio of 106.98 and a beta of 1.63.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SPOT. Bank of America upped their price target on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group upped their price target on Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research report on Thursday, February 6th. Morgan Stanley upped their price target on Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. TD Cowen upped their price target on Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a research report on Wednesday, November 13th. Finally, KeyCorp upped their price target on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $529.43.

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.