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

ING Groep NV grew its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 40.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 67,632 shares of the company’s stock after purchasing an additional 19,332 shares during the period. ING Groep NV’s holdings in Spotify Technology were worth $24,924,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of SPOT. Transcendent Capital Group LLC bought a new position in shares of Spotify Technology during the 2nd quarter worth about $25,000. Benjamin Edwards Inc. grew its stake in Spotify Technology by 214.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after buying an additional 58 shares in the last quarter. Mather Group LLC. lifted its holdings in Spotify Technology by 9,900.0% during the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after purchasing an additional 99 shares in the last quarter. Asset Dedication LLC bought a new position in Spotify Technology in the 2nd quarter valued at $35,000. Finally, Ashton Thomas Private Wealth LLC purchased a new position in Spotify Technology in the second quarter worth $39,000. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on SPOT shares. Benchmark upped their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a report on Monday. JPMorgan Chase & Co. upped their price target on shares of Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Wells Fargo & Company boosted their target price on shares of Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Evercore ISI lifted their price objective on shares of Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Stock Performance

Shares of NYSE:SPOT traded up $20.74 on Thursday, hitting $488.11. The company’s stock had a trading volume of 2,261,130 shares, compared to its average volume of 1,918,560. The company has a market capitalization of $97.16 billion, a price-to-earnings ratio of 131.68 and a beta of 1.56. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. Spotify Technology S.A. has a 12 month low of $170.62 and a 12 month high of $488.36. The stock’s 50-day moving average is $372.46 and its two-hundred day moving average is $335.65.

Spotify Technology Company 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.