Spotify Technology S.A. (NYSE:SPOT) Shares Bought by Connable Office Inc.

Connable Office Inc. raised its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 14.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 3,600 shares of the company’s stock after buying an additional 465 shares during the quarter. Connable Office Inc.’s holdings in Spotify Technology were worth $1,327,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in SPOT. GQG Partners LLC acquired a new stake in Spotify Technology during the 1st quarter worth $610,040,000. Swedbank AB acquired a new stake in shares of Spotify Technology during the first quarter worth about $198,663,000. WCM Investment Management LLC lifted its holdings in shares of Spotify Technology by 18.5% in the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after purchasing an additional 605,755 shares during the last quarter. International Assets Investment Management LLC boosted its position in shares of Spotify Technology by 36,910.0% in the 3rd quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock valued at $128,073,000 after purchasing an additional 346,585 shares during the period. Finally, Sei Investments Co. grew its stake in Spotify Technology by 106.8% during the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock worth $202,828,000 after buying an additional 333,782 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Up 2.2 %

SPOT stock opened at $477.59 on Friday. The firm has a market cap of $95.06 billion, a price-to-earnings ratio of 129.78 and a beta of 1.56. Spotify Technology S.A. has a 1-year low of $170.62 and a 1-year high of $489.69. The firm has a fifty day moving average price of $372.46 and a two-hundred day moving average price of $335.65. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several research analyst reports. The Goldman Sachs Group increased their price objective on Spotify Technology from $430.00 to $490.00 and gave the company a “buy” rating in a report on Thursday. Macquarie raised their price objective on shares of Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a research report on Wednesday. DZ Bank upgraded shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective on the stock in a research note on Wednesday, July 24th. Barclays increased their target price on shares of Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Morgan Stanley boosted their price target on Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology 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.