State of Alaska Department of Revenue Has $2.86 Million Stake in Spotify Technology S.A. (NYSE:SPOT)

State of Alaska Department of Revenue lowered its stake in Spotify Technology S.A. (NYSE:SPOT) by 52.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,769 shares of the company’s stock after selling 8,480 shares during the period. State of Alaska Department of Revenue’s holdings in Spotify Technology were worth $2,863,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of SPOT. Vanguard Group Inc. increased its stake in shares of Spotify Technology by 6.3% in the 4th quarter. Vanguard Group Inc. now owns 588,847 shares of the company’s stock valued at $110,650,000 after buying an additional 34,781 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in Spotify Technology by 157.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 4,311 shares of the company’s stock worth $1,138,000 after purchasing an additional 2,635 shares during the period. Norden Group LLC bought a new stake in Spotify Technology during the 1st quarter worth about $302,000. HB Wealth Management LLC acquired a new position in Spotify Technology during the 1st quarter valued at about $250,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Spotify Technology by 30.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock valued at $21,024,000 after purchasing an additional 18,731 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 2.3 %

Shares of SPOT stock opened at $385.15 on Friday. The firm’s fifty day moving average price is $360.59 and its two-hundred day moving average price is $328.12. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. Spotify Technology S.A. has a 1 year low of $161.39 and a 1 year high of $397.20. The firm has a market capitalization of $73.26 billion, a P/E ratio of -574.85 and a beta of 1.58.

Analyst Ratings Changes

SPOT has been the subject of a number of recent research reports. Wells Fargo & Company boosted their price target on shares of Spotify Technology from $420.00 to $470.00 and gave the stock an “overweight” rating in a research note on Monday. Cantor Fitzgerald reissued a “neutral” rating and issued a $340.00 price target on shares of Spotify Technology in a research note on Monday, October 7th. Morgan Stanley raised their price target on Spotify Technology from $400.00 to $430.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Macquarie upped their price objective on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Finally, Redburn Atlantic restated a “sell” rating and set a $230.00 target price on shares of Spotify Technology in a report on Wednesday, July 10th. One equities research 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, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $376.21.

Spotify Technology 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.