Hidden Lake Asset Management LP Invests $11.41 Million in Spotify Technology $SPOT

Hidden Lake Asset Management LP bought a new stake in shares of Spotify Technology (NYSE:SPOT) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 16,343 shares of the company’s stock, valued at approximately $11,407,000. Spotify Technology comprises approximately 1.5% of Hidden Lake Asset Management LP’s investment portfolio, making the stock its 7th biggest holding.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Sivia Capital Partners LLC purchased a new position in Spotify Technology during the second quarter worth $312,000. Allworth Financial LP raised its stake in shares of Spotify Technology by 31.1% in the second quarter. Allworth Financial LP now owns 536 shares of the company’s stock valued at $412,000 after acquiring an additional 127 shares during the period. Advisors Capital Management LLC purchased a new stake in shares of Spotify Technology in the second quarter valued at $213,000. Foundations Investment Advisors LLC lifted its holdings in shares of Spotify Technology by 59.5% in the 2nd quarter. Foundations Investment Advisors LLC now owns 686 shares of the company’s stock worth $526,000 after acquiring an additional 256 shares during the last quarter. Finally, Creative Planning boosted its stake in shares of Spotify Technology by 22.9% during the 2nd quarter. Creative Planning now owns 26,479 shares of the company’s stock worth $20,318,000 after purchasing an additional 4,936 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

SPOT has been the topic of several analyst reports. UBS Group cut their price target on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a report on Friday, January 9th. Guggenheim dropped their target price on Spotify Technology from $720.00 to $600.00 and set a “buy” rating for the company in a research report on Tuesday, February 24th. Pivotal Research cut Spotify Technology from a “buy” rating to a “hold” rating and cut their target price for the company from $875.00 to $420.00 in a research note on Wednesday, February 11th. Wells Fargo & Company reduced their price target on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating on the stock in a report on Tuesday, January 13th. Finally, Sanford C. Bernstein decreased their price target on Spotify Technology from $830.00 to $650.00 and set an “outperform” rating for the company in a research note on Wednesday, January 14th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $703.87.

Spotify Technology Trading Up 1.3%

Shares of Spotify Technology stock opened at $516.14 on Monday. The firm has a market cap 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. The stock’s fifty day moving average price is $502.35 and its 200-day moving average price is $594.68.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, beating 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 the consensus estimate of $5.14 billion. During the same period in the previous year, the company posted $1.88 earnings per share. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. Analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

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.