Congress Wealth Management LLC DE Has $444,000 Stake in Spotify Technology S.A. (NYSE:SPOT)

Congress Wealth Management LLC DE boosted its holdings in Spotify Technology S.A. (NYSE:SPOT) by 51.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 992 shares of the company’s stock after buying an additional 335 shares during the period. Congress Wealth Management LLC DE’s holdings in Spotify Technology were worth $444,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Jennison Associates LLC acquired a new position in shares of Spotify Technology in the 4th quarter valued at $1,335,575,000. Forsta AP Fonden acquired a new position in Spotify Technology in the fourth quarter valued at about $619,600,000. Amundi boosted its holdings in Spotify Technology by 194.2% during the fourth quarter. Amundi now owns 750,030 shares of the company’s stock worth $359,812,000 after buying an additional 495,087 shares during the last quarter. Swiss National Bank acquired a new position in shares of Spotify Technology during the 4th quarter worth about $189,197,000. Finally, FMR LLC increased its stake 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 acquiring an additional 297,035 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SPOT. Guggenheim reissued a “buy” rating and set a $675.00 price objective on shares of Spotify Technology in a research note on Monday, February 24th. FBN Securities began coverage on shares of Spotify Technology in a report on Friday. They issued a “sector perform” rating and a $645.00 price target for the company. Benchmark raised their price objective on Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. China Renaissance began coverage on Spotify Technology in a research note on Wednesday. They issued a “buy” rating and a $740.00 target price for the company. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $480.00 price target (down previously from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. Nine equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price of $552.47.

Spotify Technology Stock Performance

NYSE:SPOT opened at $559.76 on Friday. The stock’s 50-day simple moving average is $578.28 and its 200 day simple moving average is $477.12. Spotify Technology S.A. has a 52-week low of $260.80 and a 52-week high of $652.63. The company has a market cap of $114.59 billion, a P/E ratio of 94.08 and a beta of 1.66.

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.