Empower Advisory Group LLC Lowers Stake in Spotify Technology S.A. (NYSE:SPOT)

Empower Advisory Group LLC cut its stake in Spotify Technology S.A. (NYSE:SPOT) by 3.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm 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 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Aigen Investment Management LP grew its holdings in Spotify Technology by 42.4% in the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock worth $3,612,000 after purchasing an additional 2,918 shares during the last quarter. Perpetual Ltd increased its position in Spotify Technology by 24.3% during the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after buying an additional 148,431 shares in the last quarter. Pathway Capital Management LP boosted its holdings in Spotify Technology by 23.8% in the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock worth $21,132,000 after acquiring an additional 11,042 shares in the last quarter. Jag Capital Management LLC acquired a new position in shares of Spotify Technology during the third quarter valued at about $13,569,000. Finally, Northeast Investment Management raised its position in shares of Spotify Technology by 67.6% in the 3rd quarter. Northeast Investment Management now owns 12,991 shares of the company’s stock valued at $4,788,000 after purchasing an additional 5,240 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SPOT has been the subject of a number of research analyst reports. Pivotal Research raised their price target on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a report on Wednesday. Canaccord Genuity Group lifted their price target on Spotify Technology from $475.00 to $525.00 and gave the stock a “buy” rating in a research report on Thursday. Barclays increased their price objective on Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a report on Wednesday. The Goldman Sachs Group lifted their target price on Spotify Technology from $430.00 to $490.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Wells Fargo & Company raised their price target on shares of Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Price Performance

Spotify Technology stock opened at $477.59 on Friday. The company has a fifty day simple moving average of $372.46 and a 200-day simple moving average of $335.65. The firm has a market capitalization of $95.07 billion, a price-to-earnings ratio of 131.68 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. Spotify Technology S.A. has a 52-week low of $170.62 and a 52-week high of $489.69.

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.