Syverson Strege & Co Makes New Investment in Spotify Technology $SPOT

Syverson Strege & Co bought a new position in shares of Spotify Technology (NYSE:SPOT) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 293 shares of the company’s stock, valued at approximately $225,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SPOT. Cornerstone Planning Group LLC lifted its holdings in Spotify Technology by 512.5% during the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company’s stock worth $29,000 after acquiring an additional 41 shares in the last quarter. Sound Income Strategies LLC lifted its holdings in Spotify Technology by 156.3% during the second quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock worth $31,000 after acquiring an additional 25 shares in the last quarter. GFG Capital LLC bought a new position in Spotify Technology during the second quarter worth about $33,000. Truvestments Capital LLC bought a new stake in shares of Spotify Technology in the first quarter valued at about $34,000. Finally, HM Payson & Co. lifted its holdings in shares of Spotify Technology by 39.1% in the first quarter. HM Payson & Co. now owns 64 shares of the company’s stock valued at $35,000 after purchasing an additional 18 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SPOT has been the topic of a number of research reports. Benchmark cut their price target on Spotify Technology from $840.00 to $800.00 and set a “buy” rating on the stock in a report on Wednesday, July 30th. Argus initiated coverage on Spotify Technology in a report on Monday, September 29th. They issued a “buy” rating and a $845.00 price target on the stock. JPMorgan Chase & Co. boosted their price target on Spotify Technology from $740.00 to $805.00 and gave the company an “overweight” rating in a report on Monday, September 29th. Morgan Stanley cut their price target on Spotify Technology from $850.00 to $800.00 and set an “overweight” rating on the stock in a report on Wednesday, July 30th. Finally, Guggenheim restated a “buy” rating and issued a $850.00 price target on shares of Spotify Technology in a report on Wednesday, September 3rd. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $731.81.

Spotify Technology Stock Down 0.3%

NYSE:SPOT opened at $654.99 on Friday. The firm has a market capitalization of $134.08 billion, a price-to-earnings ratio of 158.98, a price-to-earnings-growth ratio of 3.45 and a beta of 1.67. Spotify Technology has a twelve month low of $376.04 and a twelve month high of $785.00. The stock’s 50 day moving average price is $691.63 and its two-hundred day moving average price is $681.09.

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.