Cannon Global Investment Management LLC Purchases Shares of 1,400 Spotify Technology S.A. (NYSE:SPOT)

Cannon Global Investment Management LLC purchased a new stake in shares of Spotify Technology S.A. (NYSE:SPOT) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 1,400 shares of the company’s stock, valued at approximately $516,000.

Other institutional investors have also bought and sold shares of the company. GQG Partners LLC acquired a new position in shares of Spotify Technology during the first quarter valued at about $610,040,000. Swedbank AB acquired a new position in shares of Spotify Technology during the first quarter valued at about $198,663,000. International Assets Investment Management LLC raised its holdings in shares of Spotify Technology by 36,910.0% during the third quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock valued at $128,073,000 after purchasing an additional 346,585 shares during the period. Sei Investments Co. raised its holdings in shares of Spotify Technology by 106.8% during the second quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock valued at $202,828,000 after purchasing an additional 333,782 shares during the period. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Spotify Technology by 179.0% during the third quarter. Assenagon Asset Management S.A. now owns 380,214 shares of the company’s stock valued at $140,120,000 after purchasing an additional 243,933 shares during the period. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

SPOT traded down $0.60 on Friday, hitting $384.50. The company’s stock had a trading volume of 1,545,695 shares, compared to its average volume of 1,309,913. The company’s 50 day simple moving average is $361.43 and its 200-day simple moving average is $328.98. The firm has a market cap of $76.53 billion, a P/E ratio of 156.94 and a beta of 1.56. Spotify Technology S.A. has a 12 month low of $164.83 and a 12 month high of $397.20. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on SPOT shares. Barclays upped their price objective on shares of Spotify Technology from $350.00 to $360.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Pivotal Research upped their target price on shares of Spotify Technology from $460.00 to $510.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Redburn Atlantic restated a “sell” rating and issued a $230.00 target price on shares of Spotify Technology in a report on Wednesday, July 10th. Cantor Fitzgerald restated a “neutral” rating and issued a $340.00 target price on shares of Spotify Technology in a report on Monday, October 7th. Finally, Morgan Stanley upped their target price 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. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price 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.