Empower Advisory Group LLC Sells 40 Shares of Spotify Technology S.A. (NYSE:SPOT)

Empower Advisory Group LLC trimmed its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 2.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,956 shares of the company’s stock after selling 40 shares during the quarter. Empower Advisory Group LLC’s holdings in Spotify Technology were worth $875,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of SPOT. Creative Planning increased its stake in Spotify Technology by 1.9% during the 3rd quarter. Creative Planning now owns 6,351 shares of the company’s stock worth $2,341,000 after purchasing an additional 118 shares in the last quarter. Bleakley Financial Group LLC increased its stake in Spotify Technology by 14.1% during the 3rd quarter. Bleakley Financial Group LLC now owns 2,115 shares of the company’s stock worth $779,000 after purchasing an additional 261 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in Spotify Technology during the 3rd quarter worth approximately $40,000. Blue Trust Inc. increased its stake in Spotify Technology by 705.0% during the 3rd quarter. Blue Trust Inc. now owns 1,457 shares of the company’s stock worth $537,000 after purchasing an additional 1,276 shares in the last quarter. Finally, Raymond James & Associates increased its stake in Spotify Technology by 25.9% during the 3rd quarter. Raymond James & Associates now owns 37,807 shares of the company’s stock worth $13,933,000 after purchasing an additional 7,777 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $631.40 on Wednesday. The business has a fifty day simple moving average of $511.45 and a two-hundred day simple moving average of $428.76. Spotify Technology S.A. has a 1 year low of $239.66 and a 1 year high of $652.63. The company has a market capitalization of $125.68 billion, a price-to-earnings ratio of 106.12 and a beta of 1.63.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on SPOT shares. JPMorgan Chase & Co. increased their target price on Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Piper Sandler raised their price target on shares of Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $658.00 price target (up from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. Macquarie raised their price target on shares of Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $529.43.

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.