Allworth Financial LP Sells 68 Shares of Spotify Technology S.A. (NYSE:SPOT)

Allworth Financial LP cut its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 30.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 159 shares of the company’s stock after selling 68 shares during the quarter. Allworth Financial LP’s holdings in Spotify Technology were worth $59,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Lake Street Advisors Group LLC bought a new stake in Spotify Technology during the third quarter valued at about $547,000. Ballentine Partners LLC bought a new stake in Spotify Technology during the third quarter valued at about $239,000. Mount Yale Investment Advisors LLC raised its holdings in Spotify Technology by 3.5% during the third quarter. Mount Yale Investment Advisors LLC now owns 18,643 shares of the company’s stock valued at $6,871,000 after acquiring an additional 636 shares during the period. Dakota Wealth Management raised its holdings in Spotify Technology by 7.3% during the third quarter. Dakota Wealth Management now owns 1,689 shares of the company’s stock valued at $622,000 after acquiring an additional 115 shares during the period. Finally, Zweig DiMenna Associates LLC bought a new stake in Spotify Technology during the third quarter valued at about $1,474,000. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Performance

Spotify Technology stock opened at $384.50 on Friday. The company has a 50 day moving average price of $361.43 and a 200-day moving average price of $328.77. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. Spotify Technology S.A. has a fifty-two week low of $164.83 and a fifty-two week high of $397.20. The company has a market capitalization of $76.54 billion, a PE ratio of 156.94 and a beta of 1.58.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Pivotal Research raised their price objective on Spotify Technology from $460.00 to $510.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. KeyCorp raised their price objective on Spotify Technology from $440.00 to $490.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Cantor Fitzgerald restated a “neutral” rating and set a $340.00 price objective on shares of Spotify Technology in a research report on Monday, October 7th. UBS Group raised their price objective on Spotify Technology from $375.00 to $400.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Finally, Guggenheim raised their price objective on Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have given 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 $376.21.

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.