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

Hidden Lake Asset Management LP acquired a new stake in shares of Spotify Technology (NYSE:SPOT) during the 3rd quarter, HoldingsChannel reports. The institutional investor acquired 16,343 shares of the company’s stock, valued at approximately $11,407,000. Spotify Technology makes up 1.5% of Hidden Lake Asset Management LP’s portfolio, making the stock its 7th biggest holding.

A number of other large investors also recently bought and sold shares of SPOT. Helios Capital Management PTE. Ltd. raised its position in shares of Spotify Technology by 56.3% in the 3rd quarter. Helios Capital Management PTE. Ltd. now owns 7,500 shares of the company’s stock worth $5,235,000 after acquiring an additional 2,700 shares in the last quarter. Bessemer Group Inc. lifted its stake in shares of Spotify Technology by 35.1% during the 3rd quarter. Bessemer Group Inc. now owns 682,639 shares of the company’s stock worth $476,483,000 after purchasing an additional 177,310 shares during the last quarter. Truxt Investmentos Ltda. bought a new stake in Spotify Technology during the third quarter valued at about $2,093,000. Ownership Capital B.V. purchased a new position in Spotify Technology in the third quarter valued at about $2,769,000. Finally, Generali Asset Management SPA SGR grew its stake in Spotify Technology by 30.9% in the third quarter. Generali Asset Management SPA SGR now owns 68,023 shares of the company’s stock valued at $46,692,000 after purchasing an additional 16,054 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. UBS Group reduced 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. Benchmark cut their price objective on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating on the stock in a research report on Friday, January 16th. Wells Fargo & Company reduced their price objective on shares of Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a research note on Tuesday, January 13th. Citigroup upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 target price for the company in a research note on Friday, January 30th. Finally, The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and cut their price target for the stock from $735.00 to $700.00 in a report on Friday, January 23rd. Two analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $703.87.

Spotify Technology Trading Up 1.3%

NYSE:SPOT opened at $516.14 on Monday. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00. The company has a market cap of $106.26 billion, a PE ratio of 53.54, a P/E/G ratio of 1.13 and a beta of 1.66. The company’s 50 day moving average is $502.35 and its two-hundred day moving average is $594.68.

Spotify Technology (NYSE:SPOT) last posted 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 net margin of 13.16% and a return on equity of 31.35%. The business had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the company posted $1.88 earnings per share. The business’s quarterly revenue was up 6.8% on a year-over-year basis. As a group, analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

Spotify Technology Company 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.