Entropy Technologies LP Has $1.84 Million Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Entropy Technologies LP decreased its position in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 53.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 5,003 shares of the company's stock after selling 5,832 shares during the quarter. Entropy Technologies LP's holdings in Spotify Technology were worth $1,844,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Oppenheimer & Co. Inc. bought a new stake in Spotify Technology during the 1st quarter worth approximately $342,000. Atomi Financial Group Inc. acquired a new stake in shares of Spotify Technology in the first quarter valued at $295,000. Avantax Advisory Services Inc. bought a new position in shares of Spotify Technology in the first quarter valued at about $218,000. Bleakley Financial Group LLC raised its holdings in shares of Spotify Technology by 11.4% in the first quarter. Bleakley Financial Group LLC now owns 1,727 shares of the company's stock valued at $456,000 after buying an additional 177 shares during the last quarter. Finally, TD Asset Management Inc lifted its position in Spotify Technology by 2.4% during the 1st quarter. TD Asset Management Inc now owns 512,841 shares of the company's stock worth $135,339,000 after buying an additional 12,192 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. TD Cowen boosted their target price on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a "hold" rating in a research note on Wednesday. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $340.00 price objective on shares of Spotify Technology in a report on Monday, October 7th. Wells Fargo & Company lifted their target price on Spotify Technology from $470.00 to $520.00 and gave the company an "overweight" rating in a research note on Wednesday. Rosenblatt Securities upped their price target on Spotify Technology from $399.00 to $438.00 and gave the company a "buy" rating in a research note on Thursday, October 17th. Finally, Phillip Securities reiterated an "accumulate" rating and issued a $485.00 price objective (up from $420.00) on shares of Spotify Technology in a research report on Wednesday. One research 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 stock. Based on data from MarketBeat, Spotify Technology presently has an average rating of "Moderate Buy" and an average target price of $409.10.

Spotify Technology Stock Up 11.4 %

Spotify Technology stock traded up $47.93 during mid-day trading on Wednesday, reaching $467.32. The company's stock had a trading volume of 9,401,916 shares, compared to its average volume of 1,904,972. The business's 50 day simple moving average is $369.70 and its 200 day simple moving average is $334.73. 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 $472.00. The company has a market capitalization of $93.02 billion, a price-to-earnings ratio of 126.58 and a beta of 1.56.

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.