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Málaga Cove Capital LLC increased its stake in Spotify Technology SA (NYSE:SPOT – Get Rating) by 12.9% in the fourth quarter, according to its latest filing with the Securities and Exchange Commission (SEC). The company purchased an additional 1,731 shares during the quarter, taking 15,126 shares. Malaga Cove Capital LLC’s holding of Spotify Technology was valued at $1,194,000 as of the latest SEC filing.
Several other hedge funds and other institutional investors have also increased or decreased their stakes in SPOT. Cetera Advisor Networks LLC increased its position in Spotify Technology stock by 142.4% in the first quarter. Cetera Advisor Networks LLC acquired an additional 1,804 of his shares during the last quarter and now owns 3,071 shares of the company, valued at $464,000. Private Advisor Group LLC increased its position in Spotify Technology stock by 19.8% in the first quarter. Private Advisor Group LLC acquired an additional 811 shares during the last quarter and now owns 4,909 shares of the company at a value of $741,000. BlackRock Inc. increased its position in Spotify Technology stock by 6.3% in the first quarter. BlackRock Inc. acquired an additional 241,026 shares during the previous quarter and now owns 4,046,153 shares worth $611,049,000. Cibc World Market Inc. increased its position in Spotify Technology stock by 22.4% in the first quarter. Cibc World Market Inc. acquired an additional 883 shares during the last quarter and now owns 4,823 shares of the company stock valued at $728,000. Finally, Dimensional Fund Advisors LP increased its position in Spotify Technology stock by 68.6% during the first quarter. Dimensional Fund Advisors LP acquired an additional 77,379 shares during the last quarter and now owns 190,255 shares of the company, valued at $28,735,000. Institutional investors currently hold 52.80% of the shares.
Spotify Technology Stock Performance
SPOT shares climbed $2.66 in Wednesday trading to reach $146.36. The company averaged 815,444 shares traded against his 1,888,214 shares. The company has a market capitalization of $27.84 billion, a price/earnings ratio of -31.44 and a beta of 1.76. His 50-day simple moving average for this company is $131.26 and his 200-day simple moving average is $105.44. Spotify Technology SA hit a 12-month low of $69.29 and a 12-month high of $147.39.
Wall Street analyst speaks out
SPOT has been the subject of many research reports. Benchmark raised its price target on Spotify Technology from $140.00 to $150.00, giving the company a Buy rating in its research report on Friday, April 21. Rosenblatt Securities raised its price target on Spotify technology from $110.00 to $141.00 in a report on Tuesday, May 2. Trust Financial raised its price target on Spotify technology from $132.00 to $154.00 in a report on Tuesday, April 18, giving the company a Buy rating. Deutsche Bank Aktiengesellschaft raised its price target on Spotify technology from $115.00 to $130.00 in a report on Monday, April 24. Finally, VNET Group reiterated its “maintain” rating on Spotify Technology stock in its research note on Wednesday, April 26th. Seven investment analysts gave the company a “hold” rating, while 15 gave it a “buy” rating. Based on MarketBeat.com data, the company has an average rating of “Moderate Buy” and a consensus price target of $143.13.
About Spotify Technology
(get rating)
Spotify Technology SA is a digital music service that gives music fans instant access to the world of music. It operates through premium and ad-supported segments. The premium segment offers subscribers unlimited online and offline high-quality streaming access to music and podcasts on his devices, computer, tablet and mobile.
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