Aubrey Capital Management Ltd Buys Shares of 9,700 Spotify Technology S.A. (NYSE:SPOT)

Aubrey Capital Management Ltd bought a new stake in Spotify Technology S.A. (NYSE:SPOT) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 9,700 shares of the company’s stock, valued at approximately $3,574,000. Spotify Technology comprises about 1.4% of Aubrey Capital Management Ltd’s investment portfolio, making the stock its 27th largest position.

Other institutional investors and hedge funds have also recently modified their holdings of the company. WCM Investment Management LLC raised its stake in Spotify Technology by 18.5% during the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after acquiring an additional 605,755 shares in the last quarter. GQG Partners LLC acquired a new position in shares of Spotify Technology during the first quarter worth about $610,040,000. Bamco Inc. NY raised its stake in shares of Spotify Technology by 28.3% during the 1st quarter. Bamco Inc. NY now owns 864,584 shares of the company’s stock worth $228,164,000 after buying an additional 190,931 shares in the last quarter. Swedbank AB lifted its holdings in Spotify Technology by 13.2% in the second quarter. Swedbank AB now owns 852,526 shares of the company’s stock valued at $267,514,000 after acquiring an additional 99,730 shares during the period. Finally, Perpetual Ltd lifted 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 purchasing an additional 148,431 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $467.34 on Thursday. The stock has a fifty day simple moving average of $372.46 and a two-hundred day simple moving average of $335.65. Spotify Technology S.A. has a 1-year low of $170.62 and a 1-year high of $473.00. The firm has a market cap of $93.03 billion, a price-to-earnings ratio of 126.99 and a beta of 1.56. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several recent research reports. Cantor Fitzgerald restated a “neutral” rating and set a $340.00 target price on shares of Spotify Technology in a report on Monday, October 7th. Macquarie upped their target price on Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a research note on Wednesday. Rosenblatt Securities lifted their price target on shares of Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a report on Thursday, October 17th. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $320.00 to $425.00 in a report on Wednesday, July 24th. Finally, KeyCorp increased their price target on Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $412.72.

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.