Stephens Investment Management Group LLC Sells 8,158 Shares of Spotify Technology S.A. (NYSE:SPOT)

Stephens Investment Management Group LLC decreased its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 3.9% during the third quarter, HoldingsChannel reports. The fund owned 202,425 shares of the company’s stock after selling 8,158 shares during the quarter. Stephens Investment Management Group LLC’s holdings in Spotify Technology were worth $74,600,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of SPOT. US Bancorp DE increased its position in shares of Spotify Technology by 5.0% during the third quarter. US Bancorp DE now owns 59,276 shares of the company’s stock valued at $21,845,000 after buying an additional 2,818 shares during the period. Petra Financial Advisors Inc. bought a new stake in Spotify Technology during the 3rd quarter worth approximately $563,000. Meitav Investment House Ltd. purchased a new stake in Spotify Technology in the 3rd quarter worth approximately $209,000. Financial Advocates Investment Management boosted its holdings in Spotify Technology by 4.4% in the 3rd quarter. Financial Advocates Investment Management now owns 1,116 shares of the company’s stock valued at $411,000 after purchasing an additional 47 shares during the period. Finally, Oak Harvest Investment Services boosted its holdings in Spotify Technology by 46.5% in the 3rd quarter. Oak Harvest Investment Services now owns 6,235 shares of the company’s stock valued at $2,298,000 after purchasing an additional 1,978 shares during the period. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 2.3 %

Shares of NYSE SPOT opened at $385.15 on Friday. The firm’s fifty day moving average is $360.59 and its 200 day moving average is $328.12. Spotify Technology S.A. has a 52 week low of $161.39 and a 52 week high of $397.20. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The company has a market cap of $76.66 billion, a price-to-earnings ratio of 157.20 and a beta of 1.58.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. increased their price objective on Spotify Technology from $375.00 to $425.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Guggenheim raised their price target on Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Barclays boosted their price objective on Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Benchmark reaffirmed a “buy” rating and issued a $405.00 target price on shares of Spotify Technology in a research note on Monday, July 22nd. Finally, The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $320.00 to $425.00 in a research note on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $376.21.

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.