Spotify Technology S.A. (NYSE:SPOT) Shares Bought by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC raised its holdings in Spotify Technology S.A. (NYSE:SPOT) by 232.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,939 shares of the company’s stock after purchasing an additional 2,055 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Spotify Technology were worth $1,083,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. GQG Partners LLC acquired a new position in shares of Spotify Technology during the first quarter worth about $610,040,000. Bamco Inc. NY increased its stake in shares of 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 acquiring an additional 190,931 shares during the period. Swedbank AB increased its stake in shares of Spotify Technology by 13.2% during the second quarter. Swedbank AB now owns 852,526 shares of the company’s stock worth $267,514,000 after acquiring an additional 99,730 shares during the period. Perpetual Ltd increased its stake in shares of Spotify Technology by 24.3% during the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after acquiring an additional 148,431 shares during the period. Finally, D1 Capital Partners L.P. increased its stake in shares of Spotify Technology by 5.6% during the second quarter. D1 Capital Partners L.P. now owns 680,061 shares of the company’s stock worth $213,396,000 after acquiring an additional 36,000 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $419.32 on Wednesday. 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. The company has a 50 day moving average price of $367.88 and a 200 day moving average price of $333.81. The firm has a market capitalization of $83.47 billion, a price-to-earnings ratio of 167.44 and a beta of 1.56.

Analyst Upgrades and Downgrades

A number of analysts recently commented on SPOT shares. JPMorgan Chase & Co. boosted their price objective on shares of Spotify Technology from $375.00 to $425.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Morgan Stanley boosted their price objective on shares of Spotify Technology from $400.00 to $430.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $320.00 to $425.00 in a report on Wednesday, July 24th. Evercore ISI boosted their price objective on shares of Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Finally, DZ Bank raised shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective on the stock in a report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $381.04.

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.