Monetta Financial Services Inc. Makes New $1.07 Million Investment in Spotify Technology S.A. (NYSE:SPOT)

Monetta Financial Services Inc. purchased a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) during the fourth quarter, Holdings Channel reports. The fund purchased 2,400 shares of the company’s stock, valued at approximately $1,074,000. Spotify Technology accounts for approximately 0.9% of Monetta Financial Services Inc.’s investment portfolio, making the stock its 29th largest holding.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Jennison Associates LLC acquired a new stake in Spotify Technology during the 4th quarter worth approximately $1,335,575,000. Marks Group Wealth Management Inc bought a new position in shares of Spotify Technology during the fourth quarter valued at $535,000. Patriot Financial Group Insurance Agency LLC bought a new position in shares of Spotify Technology during the fourth quarter valued at $214,000. Covenant Asset Management LLC acquired a new position in shares of Spotify Technology during the third quarter worth $3,364,000. Finally, Kestra Investment Management LLC bought a new stake in shares of Spotify Technology in the third quarter worth $780,000. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Trading Up 1.1 %

Shares of NYSE:SPOT opened at $592.78 on Friday. Spotify Technology S.A. has a 1-year low of $257.56 and a 1-year high of $652.63. The stock has a market cap of $121.35 billion, a PE ratio of 99.63 and a beta of 1.66. The stock’s fifty day simple moving average is $564.44 and its two-hundred day simple moving average is $466.28.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Benchmark lifted their target price on Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Macquarie lifted their price objective on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. JPMorgan Chase & Co. upped their target price on Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. The Goldman Sachs Group raised their price target on shares of Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. Finally, Citigroup upped their price objective on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research note on Friday, February 14th. Eight analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $540.68.

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.