Granite Group Advisors LLC Raises Stake in Spotify Technology S.A. (NYSE:SPOT)

Granite Group Advisors LLC boosted its holdings in Spotify Technology S.A. (NYSE:SPOT) by 5.8% during the third quarter, Holdings Channel.com reports. The firm owned 786 shares of the company’s stock after acquiring an additional 43 shares during the quarter. Granite Group Advisors LLC’s holdings in Spotify Technology were worth $290,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in SPOT. GQG Partners LLC purchased a new position in shares of Spotify Technology in the 1st quarter worth about $610,040,000. Swedbank AB bought a new stake in Spotify Technology during the 1st quarter valued at about $198,663,000. International Assets Investment Management LLC raised its holdings in Spotify Technology by 36,910.0% in the third quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock worth $128,073,000 after buying an additional 346,585 shares during the last quarter. Sei Investments Co. lifted its stake in shares of Spotify Technology by 106.8% in the second 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 in the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Spotify Technology by 179.0% during the third quarter. Assenagon Asset Management S.A. now owns 380,214 shares of the company’s stock valued at $140,120,000 after buying an additional 243,933 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Spotify Technology stock traded up $1.17 during mid-day trading on Friday, hitting $401.01. The stock had a trading volume of 198,834 shares, compared to its average volume of 1,833,945. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. The firm’s 50 day moving average is $364.19 and its 200 day moving average is $331.03. The firm has a market capitalization of $79.82 billion, a P/E ratio of 163.15 and a beta of 1.56. Spotify Technology S.A. has a one year low of $167.64 and a one year high of $405.00.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SPOT. Rosenblatt Securities boosted 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. Macquarie boosted their price target on Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Pivotal Research increased 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. JPMorgan Chase & Co. lifted their price objective on Spotify Technology from $375.00 to $425.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Finally, TD Cowen upped their target price on shares of Spotify Technology from $273.00 to $356.00 and gave the company a “hold” rating in a research note on Wednesday, July 24th. One 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 company. Based on data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and a consensus target price of $379.79.

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.