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:SPOT) 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.

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.