Delta Global Management LP Acquires 21,800 Shares of Spotify Technology $SPOT

Key Points

• Delta Global Management LP boosted its Spotify stake by 60.2% in Q3, adding 21,800 shares to hold 58,025 shares worth about $40.5M, which is roughly 3.0% of its portfolio and its 10th-largest position.
• Spotify beat quarterly expectations with EPS $5.16 versus $3.16 expected and revenue of $5.32B, and analysts maintain a consensus rating of Moderate Buy with an average target near $703.87.
• Other notable institutional moves: Coatue increased its stake to ~1.803M shares (~$1.26B) and Candlestick Capital initiated a ~ $114.9M position, while institutional ownership stands at about 84.09%.

Delta Global Management LP boosted its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 60.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 58,025 shares of the company's stock after acquiring an additional 21,800 shares during the quarter. Spotify Technology accounts for about 3.0% of Delta Global Management LP's investment portfolio, making the stock its 10th biggest position. Delta Global Management LP's holdings in Spotify Technology were worth $40,501,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Emmett Investment Management LP raised its stake in Spotify Technology by 1.1% during the third quarter. Emmett Investment Management LP now owns 14,263 shares of the company's stock worth $9,994,000 after acquiring an additional 160 shares in the last quarter. Coatue Management LLC lifted its holdings in Spotify Technology by 13.3% during the 3rd quarter. Coatue Management LLC now owns 1,803,173 shares of the company's stock valued at $1,258,615,000 after purchasing an additional 212,006 shares during the last quarter. CSM Advisors LLC acquired a new position in Spotify Technology in the third quarter valued at about $1,762,000. Candlestick Capital Management LP bought a new stake in Spotify Technology during the third quarter worth about $114,921,000. Finally, Cinctive Capital Management LP acquired a new stake in shares of Spotify Technology during the third quarter worth approximately $6,923,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $516.14 on Monday. The firm has a 50 day simple moving average of $502.35 and a 200 day simple moving average of $594.68. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The firm has a market cap of $106.26 billion, a P/E ratio of 53.54, a P/E/G ratio of 1.13 and a beta of 1.66.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.16 by $2.00. The firm had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The business's revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.88 EPS. On average, sell-side analysts expect that Spotify Technology will post 10.3 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SPOT. Weiss Ratings cut shares of Spotify Technology from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, February 26th. Citigroup raised Spotify Technology from a "neutral" rating to a "buy" rating and set a $650.00 price target for the company in a report on Friday, January 30th. Sanford C. Bernstein cut their price objective on Spotify Technology from $830.00 to $650.00 and set an "outperform" rating for the company in a research report on Wednesday, January 14th. Wells Fargo & Company reduced their price objective on Spotify Technology from $750.00 to $710.00 and set an "overweight" rating on the stock in a research note on Tuesday, January 13th. Finally, Barclays increased their target price on Spotify Technology from $625.00 to $650.00 and gave the stock an "overweight" rating in a 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 given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price 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.

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