Spotify Technology S.A. (NYSE:SPOT) Shares Acquired by Covestor Ltd

Covestor Ltd increased its holdings in Spotify Technology S.A. (NYSE:SPOT) by 160.5% during the third quarter, HoldingsChannel.com reports. The fund owned 198 shares of the company’s stock after buying an additional 122 shares during the period. Covestor Ltd’s holdings in Spotify Technology were worth $73,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the business. Oppenheimer & Co. Inc. purchased a new position in shares of Spotify Technology during the 1st quarter worth approximately $342,000. Avantax Advisory Services Inc. acquired a new position in Spotify Technology in the 1st quarter valued at $218,000. Bleakley Financial Group LLC lifted its holdings in shares of Spotify Technology by 11.4% during the 1st quarter. Bleakley Financial Group LLC now owns 1,727 shares of the company’s stock worth $456,000 after acquiring an additional 177 shares during the period. Entropy Technologies LP purchased a new position in shares of Spotify Technology in the 1st quarter worth $1,127,000. Finally, Vanguard Group Inc. lifted its stake in shares of Spotify Technology by 4.0% in the 1st quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock valued at $161,645,000 after purchasing an additional 23,675 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Price Performance

SPOT opened at $467.34 on Thursday. The firm has a market capitalization of $93.03 billion, a P/E ratio of 126.99 and a beta of 1.56. Spotify Technology S.A. has a 12-month low of $170.62 and a 12-month high of $473.00. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The stock has a fifty day moving average of $369.70 and a 200-day moving average of $334.73.

Analysts Set New Price Targets

A number of analysts recently weighed in on SPOT shares. Macquarie upped their price target on shares of Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a research report on Wednesday. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and upped their price target for the company from $320.00 to $425.00 in a report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft increased their target price on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. TD Cowen raised their price target on Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a report on Wednesday. Finally, Piper Sandler increased their price objective on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $412.72.

Spotify Technology Company 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.