Pinnbrook Capital Management LP Raises Stock Position in Spotify Technology $SPOT

Pinnbrook Capital Management LP increased its position in shares of Spotify Technology (NYSE:SPOT) by 112.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 17,695 shares of the company’s stock after acquiring an additional 9,377 shares during the period. Spotify Technology makes up about 1.4% of Pinnbrook Capital Management LP’s holdings, making the stock its 14th biggest position. Pinnbrook Capital Management LP’s holdings in Spotify Technology were worth $12,351,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Knuff & Co LLC bought a new position in Spotify Technology in the 2nd quarter valued at $27,000. Heartwood Wealth Advisors LLC bought a new position in shares of Spotify Technology in the third quarter worth $27,000. Greykasell Wealth Strategies Inc. raised its position in shares of Spotify Technology by 3,800.0% in the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after buying an additional 38 shares in the last quarter. Total Investment Management Inc. purchased a new stake in shares of Spotify Technology in the second quarter worth $29,000. Finally, Westfuller Advisors LLC bought a new stake in Spotify Technology during the third quarter valued at $29,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on SPOT. Wells Fargo & Company reduced their target price on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a research report on Tuesday, January 13th. Sanford C. Bernstein lowered their price target on Spotify Technology from $830.00 to $650.00 and set an “outperform” rating on the stock in a report on Wednesday, January 14th. Cantor Fitzgerald dropped their price target on Spotify Technology from $615.00 to $525.00 and set a “neutral” rating for the company in a research report on Wednesday, February 11th. The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $735.00 to $700.00 in a report on Friday, January 23rd. Finally, Benchmark decreased their price objective on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating on the stock in a research report on Friday, January 16th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $703.87.

Spotify Technology Stock Up 1.3%

SPOT opened at $516.14 on Friday. The business’s fifty day simple moving average is $502.35 and its 200 day simple moving average is $596.07. 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 1.11 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.16 by $2.00. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The firm had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the previous year, the company posted $1.88 earnings per share. The company’s revenue was up 6.8% compared to the same quarter last year. As a group, equities analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current year.

Spotify Technology Company Profile

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.