ING Groep NV Acquires 19,332 Shares of Spotify Technology S.A. (NYSE:SPOT)

ING Groep NV grew its holdings in Spotify Technology S.A. (NYSE:SPOT) by 40.0% in the 3rd quarter, Holdings Channel reports. The fund owned 67,632 shares of the company’s stock after purchasing an additional 19,332 shares during the quarter. ING Groep NV’s holdings in Spotify Technology were worth $24,924,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Aigen Investment Management LP boosted its stake in shares of Spotify Technology by 42.4% in the 3rd quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after purchasing an additional 2,918 shares in the last quarter. Perpetual Ltd raised its stake in shares of Spotify Technology by 24.3% in the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after acquiring an additional 148,431 shares during the last quarter. Pathway Capital Management LP boosted its holdings in shares of Spotify Technology by 23.8% in the 3rd quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock worth $21,132,000 after acquiring an additional 11,042 shares in the last quarter. Jag Capital Management LLC bought a new stake in Spotify Technology during the 3rd quarter worth approximately $13,569,000. Finally, Northeast Investment Management raised its position in Spotify Technology by 67.6% in the 3rd quarter. Northeast Investment Management now owns 12,991 shares of the company’s stock valued at $4,788,000 after purchasing an additional 5,240 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Trading Up 4.4 %

SPOT stock traded up $20.74 during mid-day trading on Thursday, reaching $488.11. 2,261,130 shares of the stock traded hands, compared to its average volume of 1,918,560. Spotify Technology S.A. has a one year low of $170.62 and a one year high of $488.36. 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 stock has a market capitalization of $97.16 billion, a PE ratio of 131.68 and a beta of 1.56. The business has a 50-day moving average price of $372.46 and a two-hundred day moving average price of $335.65.

Analyst Ratings Changes

SPOT has been the topic of several analyst reports. Morgan Stanley increased their price objective on shares of Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a report on Wednesday. Bank of America lifted their price objective on Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research note on Wednesday. Cantor Fitzgerald reissued a “neutral” rating and issued a $340.00 target price on shares of Spotify Technology in a research note on Monday, October 7th. Guggenheim upped their price target on shares of Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Finally, Barclays raised their price target on Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $421.69.

About Spotify Technology

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.