WealthPlan Investment Management LLC Purchases Shares of 485 Spotify Technology S.A. (NYSE:SPOT)

WealthPlan Investment Management LLC purchased a new stake in Spotify Technology S.A. (NYSE:SPOT) in the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 485 shares of the company’s stock, valued at approximately $217,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SPOT. Prestige Wealth Management Group LLC acquired a new position in Spotify Technology in the 3rd quarter valued at approximately $26,000. Hobbs Group Advisors LLC bought a new stake in shares of Spotify Technology in the 3rd quarter valued at $33,000. Larson Financial Group LLC boosted its stake in shares of Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares during the last quarter. V Square Quantitative Management LLC bought a new stake in shares of Spotify Technology in the 3rd quarter valued at $40,000. Finally, Rakuten Securities Inc. boosted its stake in shares of Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after purchasing an additional 32 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

NYSE SPOT opened at $637.75 on Friday. Spotify Technology S.A. has a 52-week low of $239.66 and a 52-week high of $652.63. The company has a 50-day simple moving average of $508.35 and a 200 day simple moving average of $425.40. The company has a market capitalization of $126.95 billion, a PE ratio of 107.18 and a beta of 1.63.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on SPOT shares. Wells Fargo & Company upped their price objective on shares of Spotify Technology from $520.00 to $690.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Piper Sandler upped their price objective on shares of Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Bank of America increased their target price on shares of Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Guggenheim increased their target price on shares of Spotify Technology from $520.00 to $675.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $480.00 target price (down from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $529.43.

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.