Independent Advisor Alliance Boosts Stake in Spotify Technology S.A. (NYSE:SPOT)

Independent Advisor Alliance grew its holdings in Spotify Technology S.A. (NYSE:SPOT) by 136.1% during the 4th quarter, HoldingsChannel.com reports. The firm owned 9,887 shares of the company’s stock after buying an additional 5,700 shares during the period. Independent Advisor Alliance’s holdings in Spotify Technology were worth $4,423,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of SPOT. Daiwa Securities Group Inc. purchased a new stake in Spotify Technology in the fourth quarter valued at approximately $9,979,000. Moran Wealth Management LLC raised its holdings in shares of Spotify Technology by 9.7% in the 4th quarter. Moran Wealth Management LLC now owns 39,410 shares of the company’s stock valued at $17,631,000 after buying an additional 3,490 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Spotify Technology by 4,110.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 92,164 shares of the company’s stock valued at $41,232,000 after buying an additional 89,975 shares during the period. Schaper Benz & Wise Investment Counsel Inc. WI lifted its stake in Spotify Technology by 1.8% during the 4th quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 18,424 shares of the company’s stock worth $8,243,000 after acquiring an additional 333 shares in the last quarter. Finally, Personal CFO Solutions LLC boosted its holdings in Spotify Technology by 4.2% during the 4th quarter. Personal CFO Solutions LLC now owns 2,686 shares of the company’s stock valued at $1,202,000 after acquiring an additional 109 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $507.66 on Wednesday. The company has a market capitalization of $103.92 billion, a P/E ratio of 85.32 and a beta of 1.66. Spotify Technology S.A. has a 1 year low of $249.58 and a 1 year high of $652.63. The company’s fifty day moving average is $549.75 and its two-hundred day moving average is $456.64.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Redburn Atlantic began coverage on shares of Spotify Technology in a research note on Tuesday. They set a “neutral” rating and a $545.00 price target on the stock. TD Cowen increased their target price on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. UBS Group boosted their price target on shares of Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. Benchmark increased their price objective on Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Finally, Bank of America boosted their target price on Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Eight analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $540.68.

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.