Kinetic Partners Management LP Acquires 51,000 Shares of Spotify Technology $SPOT

Key Points

• Kinetic Partners Management LP increased its stake in Spotify by 107.4%, buying 51,000 shares to hold 98,500 shares worth about $68.75 million, representing ~3.3% of its portfolio and its 12th largest position.
• Spotify reported a strong quarter with $5.16 EPS versus $3.16 expected and revenue of $5.32 billion (up 6.8% YoY), helping lift sell-side sentiment to an average "Moderate Buy" rating and a consensus target of $703.87.
• The stock is heavily institutionally owned (84.09%), has a market cap of about $108.0 billion and a P/E of 54.4, with a 52-week range of $405.00 to $785.00.

Kinetic Partners Management LP raised its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 107.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 98,500 shares of the company's stock after buying an additional 51,000 shares during the quarter. Spotify Technology accounts for about 3.3% of Kinetic Partners Management LP's investment portfolio, making the stock its 12th largest position. Kinetic Partners Management LP's holdings in Spotify Technology were worth $68,753,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in SPOT. Knuff & Co LLC bought a new position in Spotify Technology during the second quarter worth $27,000. Heartwood Wealth Advisors LLC acquired a new position in Spotify Technology during the 3rd quarter valued at $27,000. Greykasell Wealth Strategies Inc. boosted its holdings in Spotify Technology by 3,800.0% in 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 Spotify Technology in the 2nd quarter valued at $29,000. Finally, Westfuller Advisors LLC acquired a new stake in Spotify Technology in the 3rd quarter worth $29,000. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Performance

NYSE:SPOT opened at $524.63 on Tuesday. The company has a 50-day moving average of $500.97 and a 200-day moving average of $593.53. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The company has a market capitalization of $108.01 billion, a price-to-earnings ratio of 54.42, a PEG ratio of 1.13 and a beta of 1.66.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted 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 net margin of 13.16% and a return on equity of 31.35%. The business had revenue of $5.32 billion for the quarter, compared to analysts' expectations of $5.14 billion. During the same quarter in the previous year, the firm posted $1.88 earnings per share. The firm's revenue for the quarter was up 6.8% on a year-over-year basis. Sell-side analysts forecast that Spotify Technology will post 10.3 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SPOT. Arete Research upgraded shares of Spotify Technology from a "neutral" rating to a "buy" rating and set a $586.00 price objective on the stock in a report on Thursday, February 26th. 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. Barclays lifted their target price on Spotify Technology from $625.00 to $650.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 11th. Sanford C. Bernstein cut their price target on Spotify Technology from $830.00 to $650.00 and set an "outperform" rating for the company in a report on Wednesday, January 14th. Finally, Guggenheim reduced their price objective on Spotify Technology from $720.00 to $600.00 and set a "buy" rating for the company in a research report on Tuesday, February 24th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, Spotify Technology presently has an average rating of "Moderate Buy" and a consensus target price of $703.87.

Spotify Technology Company 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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