Kinetic Partners Management LP Has $68.75 Million Stake in Spotify Technology $SPOT

Kinetic Partners Management LP raised its stake in Spotify Technology (NYSE:SPOT) by 107.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 98,500 shares of the company’s stock after acquiring an additional 51,000 shares during the period. Spotify Technology comprises about 3.3% of Kinetic Partners Management LP’s investment portfolio, making the stock its 12th largest position. Kinetic Partners Management LP’s holdings in Spotify Technology were worth $68,753,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Sage Mountain Advisors LLC lifted its holdings in shares of Spotify Technology by 6.3% during the third quarter. Sage Mountain Advisors LLC now owns 289 shares of the company’s stock valued at $201,000 after acquiring an additional 17 shares during the period. Fullerton Fund Management Co Ltd. grew its holdings in shares of Spotify Technology by 7.0% in the 2nd quarter. Fullerton Fund Management Co Ltd. now owns 276 shares of the company’s stock worth $212,000 after purchasing an additional 18 shares during the last quarter. Granite Group Advisors LLC increased its position in shares of Spotify Technology by 2.6% during the 3rd quarter. Granite Group Advisors LLC now owns 756 shares of the company’s stock worth $528,000 after purchasing an additional 19 shares in the last quarter. Ameritas Advisory Services LLC increased its position in shares of Spotify Technology by 7.9% during the 3rd quarter. Ameritas Advisory Services LLC now owns 260 shares of the company’s stock worth $181,000 after purchasing an additional 19 shares in the last quarter. Finally, Aprio Wealth Management LLC lifted its holdings in Spotify Technology by 3.1% during the 3rd quarter. Aprio Wealth Management LLC now owns 633 shares of the company’s stock valued at $442,000 after purchasing an additional 19 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Trading Up 1.7%

SPOT opened at $524.63 on Tuesday. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00. The stock 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. The firm has a 50-day moving average price of $500.97 and a two-hundred day moving average price of $593.53.

Spotify Technology (NYSE:SPOT) last announced its 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 company had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period in the prior year, the business earned $1.88 earnings per share. Spotify Technology’s quarterly revenue was up 6.8% on a year-over-year basis. On average, research analysts predict that Spotify Technology will post 10.3 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on SPOT shares. Benchmark reduced their price target 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. Arete Research raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price objective for the company in a report on Thursday, February 26th. Pivotal Research cut shares of Spotify Technology from a “buy” rating to a “hold” rating and cut their target price for the company from $875.00 to $420.00 in a research note on Wednesday, February 11th. Erste Group Bank downgraded Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Finally, Barclays increased their price target on Spotify Technology from $625.00 to $650.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 11th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target 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.