Moore Capital Management LP Purchases 40,800 Shares of Spotify Technology $SPOT

Key Points

• Moore Capital Management LP increased its Spotify stake by 64.1%, buying 40,800 shares to hold 104,470 shares worth roughly $72.92 million, representing 1.0% of its portfolio and its 12th-largest position.
• Several large institutions also added exposure—most notably Norges Bank opened a new position worth about $768.9 million and Capital World Investors boosted its stake to 2.73 million shares (~$1.91 billion), leaving institutional ownership at roughly 84.1%.
• Spotify beat the quarter (EPS $5.16 vs. $3.16 est.; revenue $5.32B vs. $5.14B), trades near $524.63 with a ~$108B market cap, and carries a consensus "Moderate Buy" rating with an average price target of $703.87.

Moore Capital Management LP grew its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 64.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 104,470 shares of the company's stock after buying an additional 40,800 shares during the quarter. Spotify Technology accounts for 1.0% of Moore Capital Management LP's portfolio, making the stock its 12th largest position. Moore Capital Management LP owned about 0.05% of Spotify Technology worth $72,920,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new stake in Spotify Technology during the 2nd quarter valued at $768,915,000. Capital World Investors raised its stake in shares of Spotify Technology by 40.7% in the third quarter. Capital World Investors now owns 2,730,713 shares of the company's stock worth $1,906,260,000 after purchasing an additional 789,755 shares during the last quarter. Capital Research Global Investors purchased a new position in shares of Spotify Technology in the third quarter worth $512,190,000. Principal Financial Group Inc. lifted its holdings in shares of Spotify Technology by 3,534.9% during the third quarter. Principal Financial Group Inc. now owns 571,474 shares of the company's stock valued at $398,889,000 after purchasing an additional 555,752 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its holdings in shares of Spotify Technology by 22.7% during the second quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company's stock valued at $1,909,920,000 after purchasing an additional 460,115 shares in the last quarter. Institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Performance

Spotify Technology stock opened at $524.63 on Tuesday. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The stock has a fifty day moving average of $500.97 and a 200 day moving average of $593.53. The stock has a market cap of $108.01 billion, a PE ratio of 54.42, a price-to-earnings-growth ratio of 1.13 and a beta of 1.66.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its earnings results 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 business had revenue of $5.32 billion for the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same period last year, the firm posted $1.88 earnings per share. As a group, sell-side analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SPOT has been the subject of several research analyst reports. Weiss Ratings downgraded Spotify Technology from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, February 26th. Arete Research raised shares of Spotify Technology from a "neutral" rating to a "buy" rating and set a $586.00 price target on the stock in a report on Thursday, February 26th. Guggenheim dropped their price target on shares of Spotify Technology from $720.00 to $600.00 and set a "buy" rating on the stock in a report on Tuesday, February 24th. Erste Group Bank lowered shares of Spotify Technology from a "buy" rating to a "hold" rating in a research note on Friday, December 5th. Finally, UBS Group decreased their price objective on shares of Spotify Technology from $850.00 to $800.00 and set a "buy" rating for the company in a report on Friday, January 9th. Two 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 stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $703.87.

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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