Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Malaga Cove Capital LLC

Malaga Cove Capital LLC lowered its stake in Spotify Technology S.A. (NYSE:SPOT) by 0.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,434 shares of the company’s stock after selling 40 shares during the period. Spotify Technology comprises 1.5% of Malaga Cove Capital LLC’s investment portfolio, making the stock its 13th biggest position. Malaga Cove Capital LLC’s holdings in Spotify Technology were worth $3,845,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in SPOT. GQG Partners LLC purchased a new position in Spotify Technology in the first quarter valued at $610,040,000. Bamco Inc. NY increased its holdings in shares of Spotify Technology by 28.3% in the 1st quarter. Bamco Inc. NY now owns 864,584 shares of the company’s stock valued at $228,164,000 after acquiring an additional 190,931 shares during the last quarter. Swedbank AB raised its position in shares of Spotify Technology by 13.2% during the 2nd quarter. Swedbank AB now owns 852,526 shares of the company’s stock worth $267,514,000 after acquiring an additional 99,730 shares in the last quarter. Perpetual Ltd lifted its stake in Spotify Technology by 24.3% during the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after purchasing an additional 148,431 shares during the last quarter. Finally, D1 Capital Partners L.P. boosted its holdings in Spotify Technology by 5.6% in the second quarter. D1 Capital Partners L.P. now owns 680,061 shares of the company’s stock valued at $213,396,000 after purchasing an additional 36,000 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Barclays raised their price objective on shares of Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Morgan Stanley boosted their price target on shares of Spotify Technology from $400.00 to $430.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Wells Fargo & Company raised 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. DZ Bank upgraded Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective for the company in a research note on Wednesday, July 24th. Finally, Rosenblatt Securities raised their target price on shares of Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $379.79.

Spotify Technology Price Performance

SPOT stock opened at $391.13 on Thursday. The stock’s 50 day moving average price is $364.19 and its 200 day moving average price is $331.03. The firm has a market cap of $77.85 billion, a P/E ratio of 159.64 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 1 year low of $164.83 and a 1 year high of $397.20.

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.