Mission Wealth Management LP Buys Shares of 1,553 Spotify Technology $SPOT

Mission Wealth Management LP acquired a new position in Spotify Technology (NYSE:SPOT) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,553 shares of the company’s stock, valued at approximately $1,192,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Jennison Associates LLC grew its stake in shares of Spotify Technology by 42.3% in the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company’s stock worth $2,336,494,000 after acquiring an additional 1,262,614 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in Spotify Technology by 3.3% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company’s stock worth $1,939,949,000 after purchasing an additional 112,553 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Spotify Technology by 1,151.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company’s stock worth $957,494,000 after purchasing an additional 1,601,653 shares during the last quarter. Northern Trust Corp grew its position in Spotify Technology by 10.3% in the 1st quarter. Northern Trust Corp now owns 1,574,482 shares of the company’s stock worth $866,012,000 after purchasing an additional 147,580 shares during the last quarter. Finally, Forsta AP Fonden grew its position in Spotify Technology by 12.6% during the first quarter. Forsta AP Fonden now owns 1,559,652 shares of the company’s stock worth $857,855,000 after buying an additional 174,700 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on SPOT. Benchmark decreased their target price on Spotify Technology from $840.00 to $800.00 and set a “buy” rating on the stock in a research report on Wednesday, July 30th. Phillip Securities raised Spotify Technology from a “moderate sell” rating to a “hold” rating in a report on Monday, August 4th. BNP Paribas upgraded shares of Spotify Technology to a “strong-buy” rating in a research note on Tuesday, September 16th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Spotify Technology from $700.00 to $775.00 and gave the stock a “buy” rating in a research note on Wednesday, July 23rd. Finally, Rosenblatt Securities lifted their price target on shares of Spotify Technology from $679.00 to $700.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and a consensus target price of $731.81.

Spotify Technology Price Performance

Shares of SPOT stock opened at $643.19 on Tuesday. The stock’s fifty day simple moving average is $690.61 and its 200 day simple moving average is $682.41. The firm has a market cap of $131.67 billion, a price-to-earnings ratio of 156.11, a P/E/G ratio of 3.45 and a beta of 1.67. Spotify Technology has a one year low of $376.04 and a one year high of $785.00.

Spotify Technology Company 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.