Spotify Technology $SPOT Shares Acquired by Waratah Capital Advisors Ltd.

Waratah Capital Advisors Ltd. grew its holdings in Spotify Technology (NYSE:SPOT) by 395.1% during the 3rd quarter, Holdings Channel reports. The fund owned 10,531 shares of the company’s stock after purchasing an additional 8,404 shares during the period. Waratah Capital Advisors Ltd.’s holdings in Spotify Technology were worth $7,351,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Sage Mountain Advisors LLC boosted its holdings in Spotify Technology by 6.3% in the third quarter. Sage Mountain Advisors LLC now owns 289 shares of the company’s stock valued at $201,000 after purchasing an additional 17 shares during the last quarter. Cloud Capital Management LLC boosted its stake in shares of Spotify Technology by 4.8% in the second quarter. Cloud Capital Management LLC now owns 392 shares of the company’s stock worth $301,000 after buying an additional 18 shares during the last quarter. Fullerton Fund Management Co Ltd. grew its holdings in Spotify Technology by 7.0% during the second quarter. Fullerton Fund Management Co Ltd. now owns 276 shares of the company’s stock worth $212,000 after acquiring an additional 18 shares during the period. Huntington National Bank raised its position in Spotify Technology by 3.9% during the second quarter. Huntington National Bank now owns 506 shares of the company’s stock valued at $388,000 after acquiring an additional 19 shares in the last quarter. Finally, Granite Group Advisors LLC raised its position in Spotify Technology by 2.6% during the third quarter. Granite Group Advisors LLC now owns 756 shares of the company’s stock valued at $528,000 after acquiring an additional 19 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Down 0.4%

Shares of Spotify Technology stock opened at $465.85 on Wednesday. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00. The firm has a market capitalization of $95.88 billion, a PE ratio of 48.32, a P/E/G ratio of 1.02 and a beta of 1.66. The firm’s 50-day moving average price is $517.39 and its 200 day moving average price is $611.25.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 EPS 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%.Spotify Technology’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.88 EPS. On average, sell-side analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Pivotal Research lowered Spotify Technology from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $875.00 to $420.00 in a research report on Wednesday, February 11th. Rosenblatt Securities decreased their target price on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a research note on Wednesday, November 5th. Wells Fargo & Company lowered their price target on shares of Spotify Technology from $750.00 to $710.00 and set an “overweight” rating on the stock in a report on Tuesday, January 13th. Citigroup raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price objective for the company in a report on Friday, January 30th. Finally, Moffett Nathanson initiated coverage on shares of Spotify Technology in a research report on Tuesday, January 27th. They issued a “neutral” rating and a $487.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $702.55.

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.