Accuvest Global Advisors Has $5.12 Million Position in Spotify Technology $SPOT

Accuvest Global Advisors decreased its position in shares of Spotify Technology (NYSE:SPOT) by 6.4% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 6,667 shares of the company’s stock after selling 454 shares during the quarter. Spotify Technology makes up 3.3% of Accuvest Global Advisors’ investment portfolio, making the stock its 7th largest position. Accuvest Global Advisors’ holdings in Spotify Technology were worth $5,116,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cornerstone Planning Group LLC grew its stake in shares of Spotify Technology by 512.5% during the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company’s stock worth $29,000 after acquiring an additional 41 shares during the period. Sound Income Strategies LLC lifted its holdings in Spotify Technology by 156.3% during the 2nd quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock worth $31,000 after purchasing an additional 25 shares in the last quarter. GFG Capital LLC purchased a new stake in Spotify Technology during the 2nd quarter worth about $33,000. Truvestments Capital LLC purchased a new stake in Spotify Technology during the 1st quarter worth about $34,000. Finally, HM Payson & Co. lifted its holdings in Spotify Technology by 39.1% during the 1st quarter. HM Payson & Co. now owns 64 shares of the company’s stock worth $35,000 after purchasing an additional 18 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SPOT. Argus began coverage on Spotify Technology in a report on Monday, September 29th. They set a “buy” rating and a $845.00 price objective on the stock. UBS Group dropped their price objective on Spotify Technology from $895.00 to $850.00 and set a “buy” rating on the stock in a report on Wednesday, July 30th. Barclays dropped their price objective on Spotify Technology from $800.00 to $750.00 and set an “overweight” rating on the stock in a report on Wednesday, July 30th. BNP Paribas raised Spotify Technology to a “strong-buy” rating in a report on Tuesday, September 16th. Finally, DZ Bank raised Spotify Technology from a “sell” rating to a “hold” rating and set a $652.00 price objective on the stock in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and a consensus price target of $731.81.

Spotify Technology Stock Down 0.3%

NYSE:SPOT opened at $654.99 on Friday. The business’s 50-day moving average price is $691.63 and its two-hundred day moving average price is $681.09. Spotify Technology has a twelve month low of $376.04 and a twelve month high of $785.00. The stock has a market cap of $134.08 billion, a P/E ratio of 158.98, a PEG ratio of 3.45 and a beta of 1.67.

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.