Malaga Cove Capital LLC Trims Position in Spotify Technology S.A. (NYSE:SPOT)

Malaga Cove Capital LLC reduced its position in Spotify Technology S.A. (NYSE:SPOT) by 0.4% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 10,434 shares of the company’s stock after selling 40 shares during the period. Spotify Technology comprises approximately 1.5% of Malaga Cove Capital LLC’s holdings, making the stock its 13th biggest holding. Malaga Cove Capital LLC’s holdings in Spotify Technology were worth $3,845,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of SPOT. Larson Financial Group LLC boosted its position in shares of Spotify Technology by 86.0% in the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after acquiring an additional 43 shares during the last quarter. Transcendent Capital Group LLC acquired a new position in shares of Spotify Technology in the 2nd quarter valued at $25,000. Benjamin Edwards Inc. grew its stake in shares of Spotify Technology by 214.8% during 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 during the period. Mather Group LLC. increased its holdings in shares of 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 buying an additional 99 shares during the last quarter. Finally, Asset Dedication LLC purchased a new position in shares of Spotify Technology in the 2nd quarter worth $35,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $391.13 on Thursday. 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 company has a market capitalization of $77.85 billion, a price-to-earnings ratio of 159.64 and a beta of 1.56. Spotify Technology S.A. has a twelve month low of $164.83 and a twelve month high of $397.20. The business has a 50 day simple moving average of $364.19 and a 200-day simple moving average of $331.03.

Analyst Ratings Changes

SPOT has been the subject of a number of research reports. Rosenblatt Securities boosted their price target on Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Wells Fargo & Company boosted their target price on Spotify Technology from $420.00 to $470.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Wolfe Research started coverage on shares of Spotify Technology in a report on Friday, July 12th. They issued an “outperform” rating and a $390.00 price target on the stock. Morgan Stanley boosted their price objective on shares of Spotify Technology from $400.00 to $430.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Finally, TD Cowen raised their target price on shares of Spotify Technology from $273.00 to $356.00 and gave the company a “hold” rating in a research note on Wednesday, July 24th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have given a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $379.79.

Spotify Technology 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.