Aubrey Capital Management Ltd Buys New Stake in Spotify Technology S.A. (NYSE:SPOT)

Aubrey Capital Management Ltd acquired a new position in shares of Spotify Technology S.A. (NYSE:SPOT) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 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 holding.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Aigen Investment Management LP raised its stake in shares of Spotify Technology by 42.4% in the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock worth $3,612,000 after acquiring an additional 2,918 shares during the last quarter. Perpetual Ltd grew its position in shares of Spotify Technology by 24.3% in the 3rd 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. Pathway Capital Management LP increased its position in shares of Spotify Technology by 23.8% during the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock worth $21,132,000 after acquiring an additional 11,042 shares in the last quarter. Jag Capital Management LLC acquired a new stake in shares of Spotify Technology during the third quarter worth $13,569,000. Finally, Northeast Investment Management lifted its holdings in shares of Spotify Technology by 67.6% in the third quarter. Northeast Investment Management now owns 12,991 shares of the company’s stock valued at $4,788,000 after purchasing an additional 5,240 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $467.34 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. Spotify Technology S.A. has a 12 month low of $170.62 and a 12 month high of $473.00. The firm’s 50 day simple moving average is $372.46 and its 200-day simple moving average is $335.65. The stock has a market capitalization of $93.03 billion, a price-to-earnings ratio of 126.99 and a beta of 1.56.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SPOT. Macquarie increased their price objective on Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a report on Wednesday. TD Cowen boosted their price objective on Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a report on Wednesday. Piper Sandler upped their price objective on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a report on Wednesday. Cantor Fitzgerald reissued a “neutral” rating and issued a $340.00 price objective on shares of Spotify Technology in a report on Monday, October 7th. Finally, Pivotal Research raised their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target 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.