Pinnbrook Capital Management LP Buys 9,377 Shares of Spotify Technology $SPOT

Key Points

• Pinnbrook Capital Management LP raised its Spotify stake by 112.7%, buying 9,377 shares to hold 17,695 shares worth $12,351,000, which equals 1.4% of its portfolio and is its 14th-largest holding.
• Other big institutional moves include a new ~$768.9M position by Norges Bank and Capital World Investors increasing to 2,730,713 shares (~$1.906B); institutional investors now own 84.09% of SPOT.
• Spotify beat expectations with $5.16 EPS vs $3.16 est. and $5.32B revenue vs $5.14B, and analysts carry a consensus “Moderate Buy” rating with a $703.87 target.

Pinnbrook Capital Management LP lifted its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 112.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,695 shares of the company's stock after purchasing an additional 9,377 shares during the period. Spotify Technology accounts for 1.4% of Pinnbrook Capital Management LP's investment portfolio, making the stock its 14th biggest holding. Pinnbrook Capital Management LP's holdings in Spotify Technology were worth $12,351,000 as of its most recent filing with the Securities & Exchange Commission.

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

Spotify Technology Stock Performance

NYSE:SPOT opened at $516.14 on Friday. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $785.00. The firm has a market cap of $106.26 billion, a price-to-earnings ratio of 53.54, a PEG ratio of 1.11 and a beta of 1.66. The business's fifty day moving average is $502.35 and its 200 day moving average is $596.07.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its earnings results on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, topping the consensus estimate of $3.16 by $2.00. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The business had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter last year, the company earned $1.88 EPS. The firm's revenue was up 6.8% compared to the same quarter last year. Equities analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on SPOT shares. Citizens Jmp initiated coverage on Spotify Technology in a research note on Wednesday, December 17th. They set a "market outperform" rating and a $800.00 price target for the company. Barclays boosted their price objective on Spotify Technology from $625.00 to $650.00 and gave the company an "overweight" rating in a research note on Wednesday, February 11th. KeyCorp cut their target price on shares of Spotify Technology from $830.00 to $720.00 and set an "overweight" rating for the company in a research report on Monday, February 9th. UBS Group reduced their target price on shares of Spotify Technology from $850.00 to $800.00 and set a "buy" rating for the company in a research note on Friday, January 9th. Finally, Guggenheim lowered their price target on shares of Spotify Technology from $720.00 to $600.00 and set a "buy" rating on the stock in a research report on Tuesday, February 24th. Two research 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. According to MarketBeat, Spotify Technology has a consensus 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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