Geneva Partners LLC Buys New Stake in Spotify Technology S.A. (NYSE:SPOT)

Geneva Partners LLC purchased a new position in shares of Spotify Technology S.A. (NYSE:SPOT) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,607 shares of the company’s stock, valued at approximately $1,698,000.

A number of other large investors also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Spotify Technology by 157.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 4,311 shares of the company’s stock valued at $1,138,000 after purchasing an additional 2,635 shares during the period. Norden Group LLC acquired a new stake in Spotify Technology during the 1st quarter worth approximately $302,000. Choreo LLC purchased a new position in Spotify Technology in the 1st quarter valued at approximately $276,000. Fidelis Capital Partners LLC acquired a new position in shares of Spotify Technology in the first quarter worth $111,000. Finally, Larson Financial Group LLC increased its position in shares of Spotify Technology by 86.0% during the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after acquiring an additional 43 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

NYSE SPOT opened at $377.73 on Tuesday. The firm has a market cap of $75.19 billion, a P/E ratio of 154.18 and a beta of 1.56. 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 business’s 50-day moving average price is $362.26 and its 200 day moving average price is $329.85. Spotify Technology S.A. has a 52-week low of $164.83 and a 52-week high of $397.20.

Wall Street Analysts Forecast Growth

SPOT has been the subject of a number of recent research reports. DZ Bank raised Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 target price for the company in a research note on Wednesday, July 24th. Barclays boosted their price objective on Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. KeyCorp lifted their price target on shares of Spotify Technology from $440.00 to $490.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Redburn Atlantic reiterated a “sell” rating and set a $230.00 price target on shares of Spotify Technology in a report on Wednesday, July 10th. Finally, Rosenblatt Securities lifted their price objective on shares of Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have issued 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 $376.21.

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.