Los Angeles Capital Management LLC Makes New $13.17 Million Investment in Spotify Technology S.A. (NYSE:SPOT)

Los Angeles Capital Management LLC bought a new position in Spotify Technology S.A. (NYSE:SPOT) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 35,742 shares of the company’s stock, valued at approximately $13,172,000.

Several other large investors have also added to or reduced their stakes in the stock. Perpetual Ltd boosted its position in shares of Spotify Technology by 24.3% during the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after acquiring an additional 148,431 shares during the last quarter. TD Asset Management Inc boosted its position in shares of Spotify Technology by 2.4% during the 1st quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock valued at $135,339,000 after acquiring an additional 12,192 shares during the last quarter. Northeast Investment Management boosted its position in shares of Spotify Technology by 67.6% during the 3rd quarter. Northeast Investment Management now owns 12,991 shares of the company’s stock valued at $4,788,000 after acquiring an additional 5,240 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its position in shares of Spotify Technology by 121.6% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 7,399 shares of the company’s stock valued at $2,322,000 after acquiring an additional 4,060 shares during the last quarter. Finally, Ritholtz Wealth Management boosted its position in shares of Spotify Technology by 64.7% during the 3rd quarter. Ritholtz Wealth Management now owns 4,495 shares of the company’s stock valued at $1,657,000 after acquiring an additional 1,765 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $410.23 on Tuesday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $81.66 billion, a P/E ratio of 167.44 and a beta of 1.56. The business has a fifty day simple moving average of $366.54 and a two-hundred day simple moving average of $332.96. Spotify Technology S.A. has a 12 month low of $169.02 and a 12 month high of $412.95.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SPOT. Benchmark lifted their price target on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research report on Monday. Pivotal Research boosted their target price on Spotify Technology from $460.00 to $510.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Deutsche Bank Aktiengesellschaft boosted their target price on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Morgan Stanley boosted their target price on Spotify Technology from $400.00 to $430.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Finally, KeyCorp boosted their target price on Spotify Technology from $440.00 to $490.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have assigned a buy rating to the stock. Based on data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price of $381.04.

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.