Lighthouse Investment Partners LLC Makes New Investment in Spotify Technology $SPOT

Lighthouse Investment Partners LLC purchased a new stake in Spotify Technology (NYSE:SPOT) in the 3rd quarter, according to its most recent filing with the SEC. The fund purchased 29,596 shares of the company’s stock, valued at approximately $20,658,000. Spotify Technology comprises about 0.6% of Lighthouse Investment Partners LLC’s portfolio, making the stock its 20th largest position.

Other large investors also recently made changes to their positions in the company. Knuff & Co LLC acquired a new stake in shares of Spotify Technology during the second quarter worth $27,000. Heartwood Wealth Advisors LLC acquired a new position in Spotify Technology in the third quarter valued at $27,000. Greykasell Wealth Strategies Inc. increased its stake in Spotify Technology by 3,800.0% in the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after purchasing an additional 38 shares during the last quarter. Total Investment Management Inc. purchased a new position in Spotify Technology during the second quarter worth about $29,000. Finally, Westfuller Advisors LLC acquired a new stake in Spotify Technology in the 3rd quarter worth about $29,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

SPOT has been the subject of several recent analyst reports. Cantor Fitzgerald lowered their price target on Spotify Technology from $615.00 to $525.00 and set a “neutral” rating for the company in a report on Wednesday, February 11th. Pivotal Research lowered shares of Spotify Technology from a “buy” rating to a “hold” rating and cut their price objective for the stock from $875.00 to $420.00 in a report on Wednesday, February 11th. Citigroup raised shares of 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. UBS Group lowered their target price on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a report on Friday, January 9th. Finally, Weiss Ratings lowered shares of Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, February 26th. Two 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, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $703.87.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $516.14 on Monday. The business has a 50-day moving average of $502.35 and a two-hundred day moving average of $594.68. The firm has a market capitalization of $106.26 billion, a PE 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 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 business 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 EPS. The company’s revenue was up 6.8% compared to the same quarter last year. As a group, research analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current 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.