Spotify Technology S.A. (NYSE:SPOT) Shares Sold by WealthPLAN Partners LLC

WealthPLAN Partners LLC reduced its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 20.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 719 shares of the company’s stock after selling 181 shares during the period. WealthPLAN Partners LLC’s holdings in Spotify Technology were worth $265,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. WCM Investment Management LLC grew its stake in Spotify Technology by 18.5% in the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after acquiring an additional 605,755 shares during the period. GQG Partners LLC acquired a new position in Spotify Technology in the first quarter valued at $610,040,000. Bamco Inc. NY lifted its position in Spotify Technology by 28.3% during the first quarter. Bamco Inc. NY now owns 864,584 shares of the company’s stock worth $228,164,000 after buying an additional 190,931 shares during the period. Swedbank AB grew its holdings in Spotify Technology by 13.2% in the 2nd quarter. Swedbank AB now owns 852,526 shares of the company’s stock valued at $267,514,000 after buying an additional 99,730 shares during the period. Finally, Perpetual Ltd increased its stake in shares of 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 acquiring an additional 148,431 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on SPOT shares. Barclays upped their price target on shares of Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and increased their target price for the stock from $320.00 to $425.00 in a research report on Wednesday, July 24th. Morgan Stanley increased their price objective on shares of Spotify Technology from $400.00 to $430.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Wells Fargo & Company upped their price target on shares of Spotify Technology from $420.00 to $470.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Finally, KeyCorp boosted their price objective on Spotify Technology from $440.00 to $490.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have assigned a buy rating to the stock. Based on data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $381.04.

Spotify Technology Stock Up 2.2 %

Spotify Technology stock opened at $419.32 on Wednesday. The firm has a market capitalization of $83.47 billion, a P/E ratio of 171.15 and a beta of 1.56. The company has a 50-day simple moving average of $367.88 and a 200-day simple moving average of $333.81. Spotify Technology S.A. has a one year low of $169.02 and a one year high of $420.00. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56.

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.