Holocene Advisors LP Purchases New Shares in Spotify Technology $SPOT

Holocene Advisors LP acquired a new stake in Spotify Technology (NYSE:SPOT) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 204,542 shares of the company’s stock, valued at approximately $142,770,000. Holocene Advisors LP owned approximately 0.10% of Spotify Technology as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analysts Set New Price Targets

A number of research firms have recently commented on SPOT. Cantor Fitzgerald cut their price objective 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. Citigroup upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 target price on the stock in a research report on Friday, January 30th. Weiss Ratings cut shares of Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, February 26th. Wells Fargo & Company cut their price target on shares of Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a report on Tuesday, January 13th. Finally, Pivotal Research cut shares of Spotify Technology from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $875.00 to $420.00 in a research report on Wednesday, February 11th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $703.87.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $516.14 on Monday. The stock has a market capitalization of $106.26 billion, a P/E ratio of 53.54, a PEG ratio of 1.13 and a beta of 1.66. The business has a 50 day simple moving average of $502.35 and a two-hundred day simple moving average of $594.68. 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 results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $5.14 billion. During the same period in the previous year, the company posted $1.88 earnings per share. The business’s revenue was up 6.8% on a year-over-year basis. As a group, research analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal 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.