Candlestick Capital Management LP Takes Position in Spotify Technology $SPOT

Candlestick Capital Management LP bought a new position in Spotify Technology (NYSE:SPOT) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 164,643 shares of the company’s stock, valued at approximately $114,921,000. Spotify Technology comprises 2.8% of Candlestick Capital Management LP’s portfolio, making the stock its 8th biggest position. Candlestick Capital Management LP owned 0.08% of Spotify Technology at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the company. Knuff & Co LLC purchased a new stake in Spotify Technology in the 2nd quarter worth about $27,000. Heartwood Wealth Advisors LLC purchased a new position in shares of Spotify Technology during the third quarter valued at approximately $27,000. Greykasell Wealth Strategies Inc. grew its stake in shares of Spotify Technology by 3,800.0% during the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after buying an additional 38 shares during the last quarter. Total Investment Management Inc. bought a new position in shares of Spotify Technology during the second quarter valued at approximately $29,000. Finally, Westfuller Advisors LLC bought a new position in shares of Spotify Technology during the third quarter valued at approximately $29,000. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Up 1.3%

Shares of NYSE:SPOT opened at $516.14 on Friday. The business’s 50 day moving average is $502.35 and its 200 day moving average is $595.37. The stock has a market cap of $106.26 billion, a P/E ratio of 53.54, a price-to-earnings-growth ratio of 1.13 and a beta of 1.66. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its 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 return on equity of 31.35% and a net margin of 13.16%.The business had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same period in the previous year, the company posted $1.88 EPS. Spotify Technology’s revenue was up 6.8% on a year-over-year basis. On average, sell-side analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Citigroup raised Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price target for the company in a research note on Friday, January 30th. Citizens Jmp initiated coverage on Spotify Technology in a research report on Wednesday, December 17th. They issued a “market outperform” rating and a $800.00 price objective on the stock. Erste Group Bank lowered Spotify Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 5th. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $735.00 to $700.00 in a research report on Friday, January 23rd. Finally, Pivotal Research cut shares of Spotify Technology from a “buy” rating to a “hold” rating and cut their price target for the stock from $875.00 to $420.00 in a report on Wednesday, February 11th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus 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.