Moore Capital Management LP Acquires 40,800 Shares of Spotify Technology $SPOT

Moore Capital Management LP raised its holdings in shares of Spotify Technology (NYSE:SPOT) by 64.1% in the third quarter, Holdings Channel reports. The institutional investor owned 104,470 shares of the company’s stock after acquiring an additional 40,800 shares during the period. Spotify Technology comprises about 1.0% of Moore Capital Management LP’s portfolio, making the stock its 12th biggest holding. Moore Capital Management LP’s holdings in Spotify Technology were worth $72,920,000 at the end of the most recent quarter.

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

Spotify Technology Stock Performance

Shares of SPOT stock opened at $524.63 on Tuesday. The stock has a fifty day simple moving average of $500.97 and a two-hundred day simple moving average of $593.53. The firm has a market capitalization of $108.01 billion, a PE ratio of 54.42, a PEG ratio of 1.13 and a beta of 1.66. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $785.00.

Spotify Technology (NYSE:SPOT) last announced 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 business had revenue of $5.32 billion for the quarter, compared to the consensus estimate 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 was up 6.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.88 earnings per share. On average, sell-side analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on SPOT shares. Citigroup raised Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price target for the company in a report on Friday, January 30th. KeyCorp decreased their price objective on Spotify Technology from $830.00 to $720.00 and set an “overweight” rating on the stock in a research note on Monday, February 9th. Wells Fargo & Company lowered their price objective on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 13th. Weiss Ratings downgraded Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, February 26th. Finally, Erste Group Bank lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average target price of $703.87.

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.