Prakash Investment Advisors LLC Invests $2.95 Million in Spotify Technology S.A. (NYSE:SPOT)

Prakash Investment Advisors LLC purchased a new position in shares of Spotify Technology S.A. (NYSE:SPOT) during the 4th quarter, HoldingsChannel.com reports. The firm purchased 6,600 shares of the company’s stock, valued at approximately $2,953,000. Spotify Technology accounts for about 2.9% of Prakash Investment Advisors LLC’s holdings, making the stock its 8th biggest position.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. First Horizon Advisors Inc. lifted its stake in shares of Spotify Technology by 5.8% in the third quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock worth $176,000 after acquiring an additional 26 shares during the period. West Bancorporation Inc. lifted its stake in Spotify Technology by 3.4% in the third quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock valued at $305,000 after buying an additional 27 shares during the period. Joel Isaacson & Co. LLC lifted its stake in Spotify Technology by 1.9% in the fourth quarter. Joel Isaacson & Co. LLC now owns 1,559 shares of the company’s stock valued at $697,000 after buying an additional 29 shares during the period. Avior Wealth Management LLC lifted its stake in Spotify Technology by 12.0% in the third quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock valued at $104,000 after buying an additional 30 shares during the period. Finally, Park National Corp OH lifted its stake in Spotify Technology by 4.1% in the fourth quarter. Park National Corp OH now owns 793 shares of the company’s stock valued at $355,000 after buying an additional 31 shares during the period. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Trading Down 1.0 %

Shares of SPOT opened at $636.52 on Friday. The firm has a market capitalization of $126.70 billion, a P/E ratio of 106.98 and a beta of 1.63. The stock’s fifty day simple moving average is $521.07 and its 200 day simple moving average is $433.77. Spotify Technology S.A. has a twelve month low of $240.73 and a twelve month high of $652.63.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on SPOT shares. Pivotal Research boosted their price target on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. boosted their price objective on Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Rosenblatt Securities restated a “neutral” rating and set a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Macquarie boosted their price objective on Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Finally, TD Cowen boosted their price objective on Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus 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.