Petra Financial Advisors Inc. Takes Position in Spotify Technology S.A. (NYSE:SPOT)

Petra Financial Advisors Inc. purchased a new stake in Spotify Technology S.A. (NYSE:SPOTFree Report) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 1,528 shares of the company’s stock, valued at approximately $563,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Meitav Investment House Ltd. bought a new position in Spotify Technology in the 3rd quarter worth approximately $209,000. Financial Advocates Investment Management grew its position in shares of Spotify Technology by 4.4% during the 3rd quarter. Financial Advocates Investment Management now owns 1,116 shares of the company’s stock worth $411,000 after buying an additional 47 shares during the period. Oak Harvest Investment Services increased its stake in Spotify Technology by 46.5% in the third 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 in the last quarter. First Trust Direct Indexing L.P. increased its position in shares of Spotify Technology by 48.5% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 1,206 shares of the company’s stock valued at $444,000 after buying an additional 394 shares in the last quarter. Finally, New York State Teachers Retirement System lifted its holdings in Spotify Technology by 47.4% during the third quarter. New York State Teachers Retirement System now owns 2,705 shares of the company’s stock worth $997,000 after acquiring an additional 870 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of NYSE SPOT traded down $2.55 during trading hours on Thursday, reaching $391.47. 220,992 shares of the stock were exchanged, compared to its average volume of 1,837,333. The firm has a market capitalization of $74.46 billion, a price-to-earnings ratio of -587.66 and a beta of 1.58. The stock’s fifty day simple moving average is $359.73 and its 200 day simple moving average is $327.72. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. Spotify Technology S.A. has a 52 week low of $161.39 and a 52 week high of $397.20.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Guggenheim raised their price target on Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and upped their price target for the company from $320.00 to $425.00 in a report on Wednesday, July 24th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $385.00 price objective (up from $242.00) on shares of Spotify Technology in a research report on Thursday, July 11th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $340.00 price objective on shares of Spotify Technology in a research report on Monday, October 7th. Finally, 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. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $376.21.

Check Out Our Latest Analysis on SPOT

Spotify Technology Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Spotify Technology (NYSE:SPOT)

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