Envestnet Portfolio Solutions Inc. Has $4.52 Million Position in Spotify Technology S.A. (NYSE:SPOT)

Envestnet Portfolio Solutions Inc. raised its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 13.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,112 shares of the company’s stock after buying an additional 1,229 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Spotify Technology were worth $4,524,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Auxano Advisors LLC boosted its stake in shares of Spotify Technology by 2.5% during the 4th quarter. Auxano Advisors LLC now owns 828 shares of the company’s stock valued at $370,000 after buying an additional 20 shares during the period. SRS Capital Advisors Inc. lifted its stake in shares of Spotify Technology by 4.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 573 shares of the company’s stock valued at $256,000 after purchasing an additional 25 shares during the last quarter. First Horizon Advisors Inc. lifted its stake in shares of Spotify Technology by 5.8% in the 3rd quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock valued at $176,000 after purchasing an additional 26 shares during the last quarter. Cookson Peirce & Co. Inc. lifted its stake in shares of Spotify Technology by 1.9% in the 4th quarter. Cookson Peirce & Co. Inc. now owns 1,467 shares of the company’s stock valued at $656,000 after purchasing an additional 27 shares during the last quarter. Finally, Joel Isaacson & Co. LLC lifted its stake in shares of Spotify Technology by 1.9% in the 4th quarter. Joel Isaacson & Co. LLC now owns 1,559 shares of the company’s stock valued at $697,000 after purchasing an additional 29 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several analyst reports. UBS Group lifted their price objective on shares of Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. KeyCorp lifted their price objective on shares of Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. The Goldman Sachs Group lifted their price objective on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. Finally, Redburn Atlantic initiated coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 target price on the stock. Eight research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $540.68.

Spotify Technology Stock Down 4.7 %

NYSE SPOT opened at $569.63 on Wednesday. The stock has a market cap of $116.61 billion, a P/E ratio of 95.74 and a beta of 1.66. The company’s 50-day simple moving average is $560.06 and its 200 day simple moving average is $464.55. Spotify Technology S.A. has a twelve month low of $249.58 and a twelve month high of $652.63.

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.