First Republic Investment Management increased its position in Spotify Technology SA (NYSE: SPOT – Get Rating ) by 63.6% during the third quarter, according to its most recent Form 13F filing with the SEC . Institutional investors held 20,686 shares of the company’s stock after adding 8,042 shares during the period. First Republic Investment Management Inc.’s stake in Spotify Technology was valued at $1,785,000 as of its most recent SEC filing.
→ Cash holders are still not taking steps to prepare (From Investor Square Media)
Other hedge funds have also recently increased or decreased their stakes in the company. First Manhattan increased its stake in Spotify Technology by 65.8% in the first quarter. After First Manhattan bought an additional 100 shares last quarter, he now owns 252 shares of the company worth $38,000. Arlington Partners LLC increased its stake in Spotify Technology by 1,394.7% in the second quarter. Arlington Partners LLC now owns 284 shares of the company worth $27,000 after buying an additional 265 shares last quarter. CoreCap Advisors LLC purchased a new stake in Spotify Technology for $29,000 during the second quarter. Desjardins Global Asset Management bought $34,000 worth of new shares in Spotify Technology in the second quarter. Finally, Twin Lakes Capital Management LLC bought a new stake in Spotify Technology for $34,000 in the third quarter. 52.80% of the shares are held by hedge funds and other institutional investors.
Wall Street analysts weigh in
SPOT has been the subject of several recent analyst reports. Evercore ISI cut their price target on Spotify Technology from $230.00 to $175.00 in a report on Wednesday, October 26th. Goldman Sachs Group cut their price target on Spotify Technology from $133.00 to $114.00 and set a “neutral” rating on the stock in a report on Wednesday, October 26th. KeyCorp cut their price target on Spotify Technology from $148.00 to $135.00 and set an “overweight” rating on the stock in a report on Friday, October 21st. JPMorgan Chase & Co raised their price target on Spotify Technology from $115.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, January 25th. Finally, Piper Sandler upped their target price on Spotify Technology from $87.00 to $105.00 in a research note on Tuesday. Thirteen investment analysts have rated the stock a hold and 11 have issued a buy rating to the stock. The stock has an average Hold rating and an average price target of $138.75, according to MarketBeat.com.
Spotify tech trades up 12.7%
SPOT stock opened Wednesday at $112.72. Spotify Technology SA had a 1-year low of $69.29 and a 1-year high of $208.49. The company’s 50-day simple moving average is $84.24 and the 200-day simple moving average is $93.10.
About Spotify Technologies
Spotify Technology SA and its subsidiaries provide audio streaming services worldwide. It operates through premium and ad-supported segments. The Premium segment offers its subscribers unlimited online and offline streaming access to its catalog of music and podcasts without commercial interruption.
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