Whittier Trust Co. of Nevada Inc. Raises Stake in Spotify Technology S.A. (NYSE:SPOT)

Whittier Trust Co. of Nevada Inc. boosted its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 165.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 909 shares of the company’s stock after acquiring an additional 567 shares during the period. Whittier Trust Co. of Nevada Inc.’s holdings in Spotify Technology were worth $407,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Prestige Wealth Management Group LLC purchased a new position in Spotify Technology during the 3rd quarter valued at about $26,000. Hobbs Group Advisors LLC bought a new stake in Spotify Technology during the 3rd quarter valued at about $33,000. Larson Financial Group LLC increased its stake in Spotify Technology by 51.6% during 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 in the last quarter. Quent Capital LLC increased its stake in Spotify Technology by 135.7% during 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 in the last quarter. Finally, Noble Wealth Management PBC bought a new stake in Spotify Technology during the 4th quarter valued at about $52,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

SPOT opened at $599.64 on Friday. The company has a 50 day simple moving average of $567.23 and a two-hundred day simple moving average of $469.03. Spotify Technology S.A. has a 1-year low of $257.56 and a 1-year high of $652.63. The firm has a market cap of $122.75 billion, a P/E ratio of 100.78 and a beta of 1.66.

Analyst Upgrades and Downgrades

SPOT has been the subject of a number of analyst reports. Barclays raised their price objective on shares of Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Wolfe Research restated a “peer perform” rating on shares of Spotify Technology in a research note on Friday, January 17th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $480.00 price target (down from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Morgan Stanley lifted their price target on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Finally, The Goldman Sachs Group lifted their price target on shares of Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research note on Thursday, February 6th. Eight investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and an average target price of $540.68.

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.