Fred Alger Management LLC Acquires 115,991 Shares of Spotify Technology $SPOT

Key Points

• Fred Alger Management LLC increased its Spotify stake by 30.2%, buying 115,991 shares to hold 500,201 shares (about $349.14M), making SPOT its 16th-largest holding and ~1.4% of the firm's portfolio.
• Other institutions also added shares—most notably Coatue Management (now 1,803,173 shares, ~$1.26B)—and institutional ownership of Spotify stands at roughly 84.1%.
• Spotify beat quarterly estimates (EPS $5.16 vs $3.16; revenue $5.32B vs $5.14B), while analysts have trimmed price targets but maintain a consensus rating of "Moderate Buy" with an average target of about $703.87.

Fred Alger Management LLC grew its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 30.2% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 500,201 shares of the company's stock after buying an additional 115,991 shares during the period. Spotify Technology makes up 1.4% of Fred Alger Management LLC's portfolio, making the stock its 16th largest holding. Fred Alger Management LLC owned approximately 0.24% of Spotify Technology worth $349,140,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Focus Partners Wealth lifted its holdings in shares of Spotify Technology by 98.1% in the 3rd quarter. Focus Partners Wealth now owns 29,769 shares of the company's stock valued at $20,778,000 after acquiring an additional 14,745 shares during the last quarter. Delta Global Management LP increased its stake in Spotify Technology by 60.2% during the third quarter. Delta Global Management LP now owns 58,025 shares of the company's stock worth $40,501,000 after acquiring an additional 21,800 shares during the last quarter. Emmett Investment Management LP increased 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 during the last quarter. Coatue Management LLC raised its position in Spotify Technology by 13.3% during the third 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 period. Finally, CSM Advisors LLC purchased a new stake in Spotify Technology during the third quarter valued at approximately $1,762,000. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SPOT. Benchmark dropped their target price on Spotify Technology from $860.00 to $760.00 and set a "buy" rating for the company in a report on Friday, January 16th. Wells Fargo & Company decreased their price target on Spotify Technology from $750.00 to $710.00 and set an "overweight" rating on the stock in a report on Tuesday, January 13th. Cantor Fitzgerald lowered their price target on Spotify Technology from $615.00 to $525.00 and set a "neutral" rating for the company in a research report on Wednesday, February 11th. KeyCorp dropped their price objective on shares of Spotify Technology from $830.00 to $720.00 and set an "overweight" rating for the company in a research note on Monday, February 9th. Finally, Citigroup upgraded shares of Spotify Technology from a "neutral" rating to a "buy" rating and set a $650.00 price objective on the stock in a research report on Friday, January 30th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, Spotify Technology presently has a consensus rating of "Moderate Buy" and an average price target of $703.87.

Spotify Technology Stock Performance

SPOT opened at $516.14 on Monday. The stock has a market cap of $106.26 billion, a price-to-earnings ratio of 53.54, a P/E/G ratio of 1.13 and a beta of 1.66. The stock's 50 day moving average price is $502.35 and its 200-day moving average price is $594.68. Spotify Technology has a one year low of $405.00 and a one year high of $785.00.

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 (EPS) for the quarter, topping 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 firm had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the company earned $1.88 EPS. Spotify Technology's quarterly revenue was up 6.8% compared to the same quarter last year. As a group, analysts predict 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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