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

Malaga Cove Capital LLC decreased its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 2.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,170 shares of the company’s stock after selling 264 shares during the quarter. Spotify Technology makes up about 1.8% of Malaga Cove Capital LLC’s investment portfolio, making the stock its 10th biggest holding. Malaga Cove Capital LLC’s holdings in Spotify Technology were worth $4,550,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in SPOT. Hillsdale Investment Management Inc. acquired a new position in Spotify Technology during the fourth quarter worth $27,000. Quent Capital LLC boosted its holdings in Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after purchasing an additional 57 shares during the last quarter. Noble Wealth Management PBC acquired a new position in Spotify Technology during the fourth quarter worth $52,000. Colonial Trust Co SC boosted its holdings in Spotify Technology by 1,009.1% during the fourth quarter. Colonial Trust Co SC now owns 122 shares of the company’s stock worth $55,000 after purchasing an additional 111 shares during the last quarter. Finally, Strategic Financial Concepts LLC acquired a new stake in Spotify Technology in the fourth quarter valued at $56,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Down 0.2%

SPOT stock opened at $619.69 on Wednesday. Spotify Technology S.A. has a 12 month low of $286.21 and a 12 month high of $663.55. The firm has a market cap of $126.85 billion, a P/E ratio of 104.15 and a beta of 1.72. The company’s 50-day moving average price is $577.70 and its two-hundred day moving average price is $528.25.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same period in the prior year, the business earned $0.97 earnings per share. Spotify Technology’s quarterly revenue was up 15.2% compared to the same quarter last year. Equities analysts predict that Spotify Technology S.A. will post 10.3 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Citigroup increased their price target on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research note on Friday, February 14th. FBN Securities assumed coverage on shares of Spotify Technology in a research note on Friday, March 28th. They issued a “sector perform” rating and a $645.00 price target for the company. China Renaissance assumed coverage on shares of Spotify Technology in a research note on Wednesday, March 26th. They issued a “buy” rating and a $740.00 price target for the company. Morgan Stanley increased their price target on shares of Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Finally, Robert W. Baird raised their target price on shares of Spotify Technology from $700.00 to $730.00 and gave the stock an “outperform” rating in a research note on Thursday, May 1st. Eight research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price of $606.48.

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.