Cumberland Partners Ltd Has $1.29 Million Position in Spotify Technology S.A. (NYSE:SPOT)

Cumberland Partners Ltd boosted its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 16.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,500 shares of the company’s stock after acquiring an additional 500 shares during the quarter. Cumberland Partners Ltd’s holdings in Spotify Technology were worth $1,290,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Transcendent Capital Group LLC acquired a new stake in shares of Spotify Technology in the second quarter valued at about $25,000. Benjamin Edwards Inc. increased its holdings in shares of Spotify Technology by 214.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares during the period. Mather Group LLC. raised its position in shares of Spotify Technology by 9,900.0% during the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after buying an additional 99 shares during the last quarter. V Square Quantitative Management LLC bought a new stake in shares of Spotify Technology in the third quarter valued at about $40,000. Finally, Rakuten Securities Inc. grew its position in Spotify Technology by 40.5% during the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after buying an additional 32 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Price Performance

SPOT opened at $419.32 on Wednesday. Spotify Technology S.A. has a 12 month low of $169.02 and a 12 month high of $420.00. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The stock has a market cap of $83.47 billion, a P/E ratio of 171.15 and a beta of 1.56. The company has a fifty day simple moving average of $367.88 and a 200 day simple moving average of $333.81.

Wall Street Analysts Forecast Growth

SPOT has been the topic of several recent research reports. Evercore ISI lifted their price objective on Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Guggenheim raised their target price on Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Morgan Stanley upped their price target on Spotify Technology from $400.00 to $430.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. DZ Bank raised Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective for the company in a report on Wednesday, July 24th. Finally, Wells Fargo & Company upped their target price on shares of Spotify Technology from $420.00 to $470.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and an average price target of $381.04.

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.