Cinctive Capital Management LP Invests $6.92 Million in Spotify Technology $SPOT

Cinctive Capital Management LP bought a new stake in shares of Spotify Technology (NYSE:SPOT) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 9,919 shares of the company’s stock, valued at approximately $6,923,000.

Several other large investors have also recently made changes to their positions in the company. Sivia Capital Partners LLC purchased a new stake in Spotify Technology during the second quarter worth $312,000. AE Wealth Management LLC increased its holdings in Spotify Technology by 11.7% in the second quarter. AE Wealth Management LLC now owns 600 shares of the company’s stock valued at $461,000 after buying an additional 63 shares in the last quarter. Allworth Financial LP increased its holdings in 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 buying an additional 127 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of Spotify Technology by 17.4% in the second quarter. PNC Financial Services Group Inc. now owns 20,756 shares of the company’s stock worth $15,927,000 after acquiring an additional 3,082 shares during the period. Finally, Advisors Capital Management LLC acquired a new position in shares of Spotify Technology in the second quarter worth about $213,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. KeyCorp dropped their target price on Spotify Technology from $830.00 to $720.00 and set an “overweight” rating on the stock in a research report on Monday, February 9th. Guggenheim reduced 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. UBS Group lowered their price target on Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a research report on Friday, January 9th. Cantor Fitzgerald dropped their price objective on Spotify Technology from $615.00 to $525.00 and set a “neutral” rating on the stock in a report on Wednesday, February 11th. Finally, Wells Fargo & Company cut their price objective on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a research report on Tuesday, January 13th. Two investment 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 stock. Based on data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and an average price target of $703.87.

Spotify Technology Stock Up 1.3%

SPOT stock opened at $516.14 on Friday. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The firm has a 50-day simple moving average of $502.35 and a 200-day simple moving average of $595.37. The stock has a market capitalization 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 (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, beating 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 firm had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the company posted $1.88 EPS. Spotify Technology’s quarterly revenue was up 6.8% compared to the same quarter last year. On average, analysts expect 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.