Candlestick Capital Management LP Makes New $114.92 Million Investment in Spotify Technology $SPOT

Candlestick Capital Management LP bought a new stake in shares of Spotify Technology (NYSE:SPOT) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 164,643 shares of the company’s stock, valued at approximately $114,921,000. Spotify Technology accounts for about 2.8% of Candlestick Capital Management LP’s investment portfolio, making the stock its 8th largest position.

Other large investors have also modified their holdings of the company. State Street Corp lifted its position in shares of Spotify Technology by 1.7% in the 2nd quarter. State Street Corp now owns 4,574,228 shares of the company’s stock worth $3,509,988,000 after purchasing an additional 74,256 shares during the period. Capital World Investors increased its holdings in Spotify Technology by 40.7% during the third quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock valued at $1,906,260,000 after buying an additional 789,755 shares during the period. Fisher Asset Management LLC increased its holdings in Spotify Technology by 4.6% during the third quarter. Fisher Asset Management LLC now owns 2,602,625 shares of the company’s stock valued at $1,816,632,000 after buying an additional 113,612 shares during the period. Sands Capital Management LLC raised its stake in Spotify Technology by 14.2% in the third quarter. Sands Capital Management LLC now owns 1,547,640 shares of the company’s stock worth $1,080,253,000 after buying an additional 192,837 shares in the last quarter. Finally, Invesco Ltd. raised its stake in Spotify Technology by 17.3% in the second quarter. Invesco Ltd. now owns 1,454,383 shares of the company’s stock worth $1,116,007,000 after buying an additional 214,355 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Up 1.3%

NYSE SPOT opened at $516.14 on Friday. The firm’s fifty day simple moving average is $502.35 and its two-hundred day simple moving average is $595.37. The firm has a market capitalization of $106.26 billion, a P/E ratio of 53.54, a P/E/G ratio of 1.13 and a beta of 1.66. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00.

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

Analyst Ratings Changes

Several analysts have issued reports on the company. Moffett Nathanson began coverage on Spotify Technology in a research report on Tuesday, January 27th. They set a “neutral” rating and a $487.00 target price on the stock. Citigroup raised Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price target for the company in a research report on Friday, January 30th. Pivotal Research cut Spotify Technology from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $875.00 to $420.00 in a research note on Wednesday, February 11th. Citizens Jmp assumed coverage on Spotify Technology in a research report on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 price objective on the stock. Finally, UBS Group cut their target price on Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a research note on Friday, January 9th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $703.87.

Spotify Technology 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.