40,246 Shares in Spotify Technology $SPOT Acquired by Meridiem Capital Partners LP

Key Points

• Meridiem Capital Partners LP bought a new stake of 40,246 shares of Spotify in Q3 valued at about $28.09 million, representing roughly 1.8% of its portfolio and its 19th largest holding.
• Spotify beat expectations with EPS of $5.16 (vs. $3.16 est.) and revenue of $5.32 billion (up 6.8% YoY); the stock recently traded around $518.73 and has a 12‑month range of $405–$785.
• Analysts maintain a "Moderate Buy" consensus with an average price target of $703.87, though several firms have recently trimmed their targets (e.g., Wells Fargo, UBS, Sanford C. Bernstein).

Meridiem Capital Partners LP bought a new stake in shares of Spotify Technology (NYSE:SPOT - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 40,246 shares of the company's stock, valued at approximately $28,092,000. Spotify Technology makes up approximately 1.8% of Meridiem Capital Partners LP's investment portfolio, making the stock its 19th largest position.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Knuff & Co LLC bought a new stake in shares of Spotify Technology in the second quarter valued at about $27,000. Heartwood Wealth Advisors LLC purchased a new position in Spotify Technology during the 3rd quarter valued at about $27,000. Greykasell Wealth Strategies Inc. increased its position in Spotify Technology by 3,800.0% during the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company's stock valued at $27,000 after purchasing an additional 38 shares during the period. Total Investment Management Inc. bought a new stake in shares of Spotify Technology in the 2nd quarter valued at about $29,000. Finally, Westfuller Advisors LLC bought a new stake in shares of Spotify Technology in the 3rd quarter valued at about $29,000. Institutional investors own 84.09% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SPOT. Wells Fargo & Company dropped their price objective on shares of Spotify Technology from $750.00 to $710.00 and set an "overweight" rating on the stock in a research note on Tuesday, January 13th. UBS Group cut their price target on Spotify Technology from $850.00 to $800.00 and set a "buy" rating on the stock in a report on Friday, January 9th. Citizens Jmp began coverage on Spotify Technology in a research report on Wednesday, December 17th. They issued a "market outperform" rating and a $800.00 price target for the company. Sanford C. Bernstein decreased their price objective on Spotify Technology from $830.00 to $650.00 and set an "outperform" rating for the company in a research note on Wednesday, January 14th. Finally, Erste Group Bank downgraded Spotify Technology from a "buy" rating to a "hold" rating in a research report on Friday, December 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $703.87.

Spotify Technology Stock Up 1.8%

Shares of Spotify Technology stock traded up $9.14 on Friday, reaching $518.73. 146,084 shares of the stock were exchanged, compared to its average volume of 3,224,468. 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 $106.80 billion, a price-to-earnings ratio of 53.72, a PEG ratio of 1.13 and a beta of 1.66. The business has a 50 day moving average price of $503.50 and a two-hundred day moving average price of $597.31.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $5.14 billion. During the same quarter in the prior year, the company earned $1.88 EPS. Spotify Technology's quarterly revenue was up 6.8% on a year-over-year basis. Research analysts forecast that Spotify Technology will post 10.3 EPS for the current year.

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.

Want to see what other hedge funds are holding SPOT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Spotify Technology (NYSE:SPOT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.