Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Empower Advisory Group LLC

Empower Advisory Group LLC cut its stake in Spotify Technology S.A. (NYSE:SPOT) by 3.3% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,996 shares of the company’s stock after selling 68 shares during the quarter. Empower Advisory Group LLC’s holdings in Spotify Technology were worth $736,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. WCM Investment Management LLC increased its position in Spotify Technology by 18.5% during the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after purchasing an additional 605,755 shares during the last quarter. GQG Partners LLC purchased a new stake in shares of Spotify Technology during the 1st quarter valued at approximately $610,040,000. Bamco Inc. NY lifted its holdings in Spotify Technology by 28.3% in the first quarter. Bamco Inc. NY now owns 864,584 shares of the company’s stock valued at $228,164,000 after acquiring an additional 190,931 shares during the last quarter. Swedbank AB grew its position in Spotify Technology by 13.2% in the second quarter. Swedbank AB now owns 852,526 shares of the company’s stock worth $267,514,000 after acquiring an additional 99,730 shares during the period. Finally, Perpetual Ltd raised its position in Spotify Technology by 24.3% in the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after purchasing an additional 148,431 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

SPOT has been the subject of a number of research analyst reports. The Goldman Sachs Group increased their price target on Spotify Technology from $430.00 to $490.00 and gave the stock a “buy” rating in a report on Thursday. Pivotal Research lifted their price target on shares of Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research report on Wednesday. Rosenblatt Securities upped their price objective on shares of Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Wells Fargo & Company lifted their target price on shares of Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, KeyCorp upped their price target on Spotify Technology from $490.00 to $520.00 and gave the stock an “overweight” rating in a research note on Wednesday. One research 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. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Trading Up 2.2 %

SPOT opened at $477.59 on Friday. 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 one year low of $170.62 and a one year high of $489.69. The company has a market cap of $95.07 billion, a P/E ratio of 131.68 and a beta of 1.56. The business’s 50-day simple moving average is $372.46 and its 200-day simple moving average is $335.65.

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.