Holocene Advisors LP Takes $142.77 Million Position in Spotify Technology $SPOT

Holocene Advisors LP purchased a new position in Spotify Technology (NYSE:SPOT) during the 3rd quarter, HoldingsChannel reports. The fund purchased 204,542 shares of the company’s stock, valued at approximately $142,770,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Hyperion Asset Management Ltd grew its stake in Spotify Technology by 10.9% during the 3rd quarter. Hyperion Asset Management Ltd now owns 365,378 shares of the company’s stock valued at $255,034,000 after acquiring an additional 36,054 shares in the last quarter. Fred Alger Management LLC lifted its stake in Spotify Technology by 30.2% in the 3rd quarter. Fred Alger Management LLC now owns 500,201 shares of the company’s stock worth $349,140,000 after purchasing an additional 115,991 shares in the last quarter. Focus Partners Wealth lifted its stake in Spotify Technology by 98.1% in the 3rd quarter. Focus Partners Wealth now owns 29,769 shares of the company’s stock worth $20,778,000 after purchasing an additional 14,745 shares in the last quarter. Delta Global Management LP boosted its holdings in shares of Spotify Technology by 60.2% during the 3rd quarter. Delta Global Management LP now owns 58,025 shares of the company’s stock worth $40,501,000 after purchasing an additional 21,800 shares during the last quarter. Finally, Emmett Investment Management LP boosted its holdings in shares of Spotify Technology by 1.1% during the 3rd quarter. Emmett Investment Management LP now owns 14,263 shares of the company’s stock worth $9,994,000 after purchasing an additional 160 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

SPOT stock opened at $516.14 on Monday. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The firm has a market cap of $106.26 billion, a PE ratio of 53.54, a PEG ratio of 1.13 and a beta of 1.66. The firm’s 50 day moving average price is $502.35 and its 200-day moving average price is $594.68.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $3.16 by $2.00. The company 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 firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.88 earnings per share. Equities research analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Guggenheim cut their price target on Spotify Technology from $720.00 to $600.00 and set a “buy” rating for the company in a report on Tuesday, February 24th. Cantor Fitzgerald lowered their price objective on Spotify Technology from $615.00 to $525.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 11th. Benchmark dropped their target price on Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a report on Friday, January 16th. Moffett Nathanson started coverage on Spotify Technology in a research note on Tuesday, January 27th. They issued a “neutral” rating and a $487.00 target price for the company. Finally, Barclays lifted their price target on Spotify Technology from $625.00 to $650.00 and gave the stock an “overweight” rating in a report on Wednesday, February 11th. Two equities research 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 data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target 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.