Huntington National Bank Boosts Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Huntington National Bank raised its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 131.6% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 653 shares of the company’s stock after buying an additional 371 shares during the period. Huntington National Bank’s holdings in Spotify Technology were worth $292,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Prestige Wealth Management Group LLC purchased a new stake in Spotify Technology during the third quarter valued at approximately $26,000. Hillsdale Investment Management Inc. acquired a new position in shares of Spotify Technology during the fourth quarter worth $27,000. Hobbs Group Advisors LLC purchased a new stake in shares of Spotify Technology during the 3rd quarter valued at $33,000. Quent Capital LLC boosted its position in shares of Spotify Technology by 135.7% in the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after purchasing an additional 57 shares in the last quarter. Finally, Noble Wealth Management PBC purchased a new position in Spotify Technology during the 4th quarter worth $52,000. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Trading Down 9.9 %

NYSE:SPOT opened at $502.90 on Friday. The stock has a 50 day moving average of $583.28 and a two-hundred day moving average of $484.42. Spotify Technology S.A. has a 12 month low of $267.76 and a 12 month high of $652.63. The firm has a market cap of $102.95 billion, a P/E ratio of 84.52 and a beta of 1.75.

Wall Street Analyst Weigh In

SPOT has been the subject of a number of research analyst reports. Wells Fargo & Company increased their price target on Spotify Technology from $690.00 to $740.00 and gave the company an “overweight” rating in a research note on Friday, March 28th. Macquarie lifted their target price 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. Cantor Fitzgerald restated a “neutral” rating and set a $480.00 price target (down previously from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Benchmark raised their price target on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Finally, Redburn Atlantic initiated coverage on Spotify Technology in a research report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 target price on the stock. Nine investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $557.47.

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.