Washington Trust Advisors Inc. Increases Stake in Spotify Technology S.A. (NYSE:SPOT)

Washington Trust Advisors Inc. increased its position in Spotify Technology S.A. (NYSE:SPOT) by 12.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 299 shares of the company’s stock after buying an additional 32 shares during the quarter. Washington Trust Advisors Inc.’s holdings in Spotify Technology were worth $110,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norden Group LLC purchased a new stake in Spotify Technology in the 1st quarter worth approximately $302,000. Oppenheimer & Co. Inc. purchased a new stake in Spotify Technology in the first quarter worth $342,000. WealthPLAN Partners LLC bought a new stake in Spotify Technology in the first quarter valued at $242,000. Atomi Financial Group Inc. purchased a new position in Spotify Technology during the 1st quarter valued at $295,000. Finally, Donoghue Forlines LLC bought a new position in Spotify Technology in the 1st quarter worth $2,163,000. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on SPOT shares. KeyCorp boosted their price target on shares of Spotify Technology from $440.00 to $490.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Wells Fargo & Company upped their price target on Spotify Technology from $420.00 to $470.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Macquarie increased their target price on Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Guggenheim upped their target price on shares of Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Finally, Benchmark reissued a “buy” rating and set a $405.00 price target on shares of Spotify Technology in a research report on Monday, July 22nd. One equities 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. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $379.79.

Spotify Technology Trading Up 0.2 %

Spotify Technology stock opened at $400.68 on Friday. Spotify Technology S.A. has a 12-month low of $167.64 and a 12-month high of $405.93. The firm has a market capitalization of $79.76 billion, a price-to-earnings ratio of 163.54 and a beta of 1.56. The firm has a 50 day moving average of $366.54 and a 200 day moving average of $332.40. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31.

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.