Maridea Wealth Management LLC Invests $381,000 in Spotify Technology S.A. (NYSE:SPOT)

Maridea Wealth Management LLC acquired a new stake in Spotify Technology S.A. (NYSE:SPOT) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 852 shares of the company’s stock, valued at approximately $381,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hillsdale Investment Management Inc. bought a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $27,000. Prestige Wealth Management Group LLC acquired a new stake in Spotify Technology in the 3rd quarter valued at approximately $26,000. Hobbs Group Advisors LLC bought a new stake in Spotify Technology during the 3rd quarter valued at $33,000. Larson Financial Group LLC grew its stake in shares of Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares in the last quarter. Finally, Quent Capital LLC increased its holdings in shares of Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after purchasing an additional 57 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

Shares of SPOT opened at $559.76 on Friday. The company has a market capitalization of $114.59 billion, a PE ratio of 94.08 and a beta of 1.66. The company’s 50 day moving average price is $578.28 and its 200 day moving average price is $478.17. Spotify Technology S.A. has a 52 week low of $260.80 and a 52 week high of $652.63.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SPOT. The Goldman Sachs Group upped their price objective 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. Cantor Fitzgerald reiterated a “neutral” rating and set a $480.00 price objective (down previously from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Benchmark upped their target price on Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Canaccord Genuity Group lifted their price target on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Nine equities research 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, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $552.47.

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.