Avantax Advisory Services Inc. Buys 1,767 Shares of Spotify Technology S.A. (NYSE:SPOT)

Avantax Advisory Services Inc. boosted its stake in Spotify Technology S.A. (NYSE:SPOT) by 28.3% in the 4th quarter, Holdings Channel reports. The firm owned 8,013 shares of the company’s stock after acquiring an additional 1,767 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Spotify Technology were worth $3,585,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in SPOT. Principal Financial Group Inc. boosted its stake in Spotify Technology by 11.8% in the 3rd quarter. Principal Financial Group Inc. now owns 39,578 shares of the company’s stock worth $14,586,000 after purchasing an additional 4,192 shares during the period. Prime Capital Investment Advisors LLC purchased a new stake in shares of Spotify Technology in the 3rd quarter valued at about $244,000. Zions Bancorporation N.A. raised its holdings in shares of Spotify Technology by 5.8% in the 3rd quarter. Zions Bancorporation N.A. now owns 1,170 shares of the company’s stock valued at $431,000 after acquiring an additional 64 shares in the last quarter. Impax Asset Management Group plc raised its holdings in shares of Spotify Technology by 36.5% in the 3rd quarter. Impax Asset Management Group plc now owns 3,381 shares of the company’s stock valued at $1,246,000 after acquiring an additional 904 shares in the last quarter. Finally, OneDigital Investment Advisors LLC raised its holdings in shares of Spotify Technology by 38.9% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 1,074 shares of the company’s stock valued at $396,000 after acquiring an additional 301 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

SPOT has been the topic of several recent analyst reports. The Goldman Sachs Group raised their price target on Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Barclays raised their price target on Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Canaccord Genuity Group raised their price target on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. JPMorgan Chase & Co. raised their price objective on Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Finally, KeyCorp raised their price objective on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Eight analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average target price of $540.68.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $576.02 on Friday. The firm has a market cap of $117.92 billion, a P/E ratio of 96.81 and a beta of 1.66. Spotify Technology S.A. has a fifty-two week low of $249.58 and a fifty-two week high of $652.63. The business’s 50 day moving average price is $555.35 and its 200-day moving average price is $460.27.

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.