Capital International Sarl Increases Position in Spotify Technology $SPOT

Key Points

• Capital International Sarl boosted its stake in Spotify by 65.6% in Q3, buying an additional 9,699 shares to hold 24,474 shares worth about $17.08 million, while other funds (e.g., Bessemer, Helios, Generali) also increased positions and institutional investors now own 84.09% of the stock.
• Spotify delivered a strong quarterly beat with EPS $5.16 versus a $3.16 estimate and revenue of $5.32 billion, up 6.8% year-over-year.
• Analysts maintain a consensus rating of "Moderate Buy" with a consensus price target of $698.91, amid mixed upgrades and downgrades; the stock recently traded around $545.47 with a PE of about 56.6.

Capital International Sarl boosted its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 65.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 24,474 shares of the company's stock after purchasing an additional 9,699 shares during the period. Capital International Sarl's holdings in Spotify Technology were worth $17,083,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Helios Capital Management PTE. Ltd. boosted its stake in Spotify Technology by 56.3% during the 3rd quarter. Helios Capital Management PTE. Ltd. now owns 7,500 shares of the company's stock valued at $5,235,000 after acquiring an additional 2,700 shares during the last quarter. Bessemer Group Inc. raised its stake in shares of Spotify Technology by 35.1% in the 3rd quarter. Bessemer Group Inc. now owns 682,639 shares of the company's stock valued at $476,483,000 after purchasing an additional 177,310 shares in the last quarter. Truxt Investmentos Ltda. acquired a new stake in shares of Spotify Technology in the 3rd quarter valued at about $2,093,000. Ownership Capital B.V. bought a new position in shares of Spotify Technology during the third quarter worth about $2,769,000. Finally, Generali Asset Management SPA SGR grew its stake in Spotify Technology by 30.9% in the third quarter. Generali Asset Management SPA SGR now owns 68,023 shares of the company's stock worth $46,692,000 after purchasing an additional 16,054 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Analyst Ratings Changes

SPOT has been the topic of several research reports. Arete Research upgraded Spotify Technology from a "neutral" rating to a "buy" rating and set a $586.00 price objective on the stock in a research note on Thursday, February 26th. Erste Group Bank lowered Spotify Technology from a "buy" rating to a "hold" rating in a research report on Friday, December 5th. The Goldman Sachs Group raised shares of Spotify Technology from a "neutral" rating to a "buy" rating and decreased their price objective for the stock from $735.00 to $700.00 in a report on Friday, January 23rd. Moffett Nathanson started coverage on shares of Spotify Technology in a research note on Tuesday, January 27th. They set a "neutral" rating and a $487.00 target price for the company. Finally, Barclays raised their price target on shares of Spotify Technology from $625.00 to $650.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 11th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $698.91.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $545.47 on Tuesday. The firm has a market capitalization of $112.30 billion, a PE ratio of 56.58, a P/E/G ratio of 1.23 and a beta of 1.66. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00. The business's fifty day moving average price is $507.23 and its two-hundred day moving average price is $599.66.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the company posted $1.88 earnings per share. The company's revenue for the quarter was up 6.8% compared to the same quarter last year. Equities research analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal 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.

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