Lighthouse Investment Partners LLC Takes Position in Spotify Technology $SPOT

Lighthouse Investment Partners LLC purchased a new position in Spotify Technology (NYSE:SPOT) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 29,596 shares of the company’s stock, valued at approximately $20,658,000. Spotify Technology accounts for about 0.6% of Lighthouse Investment Partners LLC’s portfolio, making the stock its 20th largest holding.

Several other hedge funds have also recently bought and sold shares of SPOT. Norges Bank acquired a new position in Spotify Technology during the second quarter worth $768,915,000. Capital World Investors grew its holdings in Spotify Technology by 40.7% in the third quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock valued at $1,906,260,000 after purchasing an additional 789,755 shares during the last quarter. Capital Research Global Investors purchased a new position in shares of Spotify Technology in the third quarter valued at $512,190,000. Principal Financial Group Inc. increased its position in shares of Spotify Technology by 3,534.9% in the third quarter. Principal Financial Group Inc. now owns 571,474 shares of the company’s stock valued at $398,889,000 after buying an additional 555,752 shares in the last quarter. Finally, Fisher Asset Management LLC raised its stake in shares of Spotify Technology by 22.7% during the 2nd quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock worth $1,909,920,000 after buying an additional 460,115 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SPOT has been the topic of several recent research reports. Sanford C. Bernstein decreased their price objective on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 14th. Citigroup upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 target price for the company in a research report on Friday, January 30th. Arete Research raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price target on the stock in a report on Thursday, February 26th. The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and lowered their price target for the company from $735.00 to $700.00 in a research report on Friday, January 23rd. Finally, KeyCorp dropped their price objective on shares of Spotify Technology from $830.00 to $720.00 and set an “overweight” rating for the company in a research note on Monday, February 9th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $703.87.

Spotify Technology Trading Up 1.3%

Spotify Technology stock opened at $516.14 on Monday. The stock has a 50-day moving average price of $502.35 and a 200 day moving average price of $594.68. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The stock has a market cap of $106.26 billion, a PE ratio of 53.54, a P/E/G ratio of 1.13 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.16 by $2.00. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The company had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period in the prior year, the firm earned $1.88 EPS. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. On average, equities analysts predict that Spotify Technology will post 10.3 EPS for the current year.

About Spotify Technology

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.