Cumberland Partners Ltd Purchases 500 Shares of Spotify Technology S.A. (NYSE:SPOT)

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

Other large investors have also recently bought and sold shares of the company. WCM Investment Management LLC boosted its stake in shares of Spotify Technology by 18.5% during the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after buying an additional 605,755 shares during the last quarter. GQG Partners LLC acquired a new position in Spotify Technology during the first quarter valued at approximately $610,040,000. Bamco Inc. NY increased its position in shares of Spotify Technology by 28.3% during the 1st quarter. Bamco Inc. NY now owns 864,584 shares of the company’s stock worth $228,164,000 after purchasing an additional 190,931 shares during the last quarter. Swedbank AB raised its stake in shares of Spotify Technology by 13.2% during the 2nd quarter. Swedbank AB now owns 852,526 shares of the company’s stock worth $267,514,000 after purchasing an additional 99,730 shares in the last quarter. Finally, Perpetual Ltd boosted its holdings in shares of Spotify Technology by 24.3% in the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after buying an additional 148,431 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Up 2.2 %

Shares of SPOT opened at $419.32 on Wednesday. The firm has a 50 day simple moving average of $367.88 and a two-hundred day simple moving average of $333.81. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. Spotify Technology S.A. has a one year low of $169.02 and a one year high of $420.00. The company has a market cap of $83.47 billion, a P/E ratio of 171.15 and a beta of 1.56.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on SPOT shares. TD Cowen upped their price target on shares of Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a research report on Wednesday, July 24th. Wells Fargo & Company upped their target price on shares of Spotify Technology from $420.00 to $470.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Deutsche Bank Aktiengesellschaft lifted their price target on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Macquarie raised their price objective on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research report on Tuesday, July 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 report on Wednesday, October 16th. One investment 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. According to data from MarketBeat, Spotify Technology has an average 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.