Summit Global Investments purchased a new position in Spotify Technology S.A. (NYSE:SPOT – Free Report) in the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 4,562 shares of the company’s stock, valued at approximately $1,432,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Larson Financial Group LLC grew its stake in Spotify Technology by 86.0% in the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock valued at $25,000 after purchasing an additional 43 shares during the last quarter. Mather Group LLC. grew its position in shares of Spotify Technology by 9,900.0% in the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after buying an additional 99 shares during the last quarter. FinTrust Capital Advisors LLC raised its stake in shares of Spotify Technology by 400.0% during the 1st quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new stake in Spotify Technology during the first quarter valued at approximately $40,000. Finally, GAMMA Investing LLC acquired a new stake in Spotify Technology in the fourth quarter valued at approximately $32,000. 84.09% of the stock is currently owned by institutional investors.
Spotify Technology Stock Performance
Shares of NYSE SPOT traded down $0.12 during midday trading on Wednesday, reaching $346.16. 1,215,275 shares of the stock were exchanged, compared to its average volume of 1,986,012. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. The firm has a 50-day simple moving average of $319.51 and a two-hundred day simple moving average of $293.03. Spotify Technology S.A. has a twelve month low of $131.04 and a twelve month high of $359.38.
Wall Street Analyst Weigh In
A number of brokerages have recently issued reports on SPOT. Redburn Atlantic reaffirmed a “sell” rating and set a $230.00 price target on shares of Spotify Technology in a research report on Wednesday, July 10th. Benchmark reaffirmed a “buy” rating and set a $405.00 target price on shares of Spotify Technology in a research report on Monday, July 22nd. Citigroup raised their price target on Spotify Technology from $255.00 to $310.00 and gave the stock a “neutral” rating in a report on Tuesday, May 7th. HSBC upped their price objective on shares of Spotify Technology from $310.00 to $355.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Spotify Technology from $375.00 to $425.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have assigned a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $353.15.
View Our Latest Research Report on SPOT
About Spotify Technology
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.
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