Covestor Ltd Grows Position in Spotify Technology S.A. (NYSE:SPOT)

Covestor Ltd boosted its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 160.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Transcendent Capital Group LLC acquired a new stake in Spotify Technology in the 2nd quarter worth approximately $25,000. Benjamin Edwards Inc. boosted its holdings in Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after buying an additional 58 shares in the last quarter. Mather Group LLC. boosted its stake in shares of Spotify Technology by 9,900.0% during the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after acquiring an additional 99 shares in the last quarter. Asset Dedication LLC purchased a new position in Spotify Technology during the second quarter worth approximately $35,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in Spotify Technology in the 2nd quarter valued at $39,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $467.34 on Thursday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. Spotify Technology S.A. has a 52 week low of $170.62 and a 52 week high of $473.00. The firm’s 50 day moving average is $369.70 and its two-hundred day moving average is $334.73. The firm has a market capitalization of $93.03 billion, a P/E ratio of 126.99 and a beta of 1.56.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Barclays lifted their price objective on Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a report on Wednesday. Piper Sandler raised their target price on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research note on Wednesday. Morgan Stanley raised their price target on shares of Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a report on Wednesday. Pivotal Research boosted their price objective on shares of Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target 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.