Quinn Opportunity Partners LLC Invests $8.17 Million in Spotify Technology $SPOT

Key Points

• Quinn Opportunity Partners established a new stake in Spotify Technology, buying 11,700 shares in Q3 valued at approximately $8.17 million.
• Several large institutions (notably Capital World Investors, State Street, Fisher, Sands Capital and Invesco) increased holdings, leaving institutional investors owning about 84.09% of the company.
• Spotify recently beat quarterly estimates—reporting $5.16 EPS and $5.32B revenue—and Wall Street’s consensus is a “Moderate Buy” with an average price target of about $703.87.

Quinn Opportunity Partners LLC purchased a new stake in Spotify Technology (NYSE:SPOT - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 11,700 shares of the company's stock, valued at approximately $8,167,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. State Street Corp lifted its holdings in Spotify Technology by 1.7% during the second quarter. State Street Corp now owns 4,574,228 shares of the company's stock valued at $3,509,988,000 after purchasing an additional 74,256 shares in the last quarter. Capital World Investors grew its position 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 valued at $1,906,260,000 after purchasing an additional 789,755 shares during the period. Fisher Asset Management LLC increased its stake in shares of Spotify Technology by 4.6% during the third quarter. Fisher Asset Management LLC now owns 2,602,625 shares of the company's stock worth $1,816,632,000 after purchasing an additional 113,612 shares in the last quarter. Sands Capital Management LLC raised its position in shares of Spotify Technology by 14.2% during the 3rd quarter. Sands Capital Management LLC now owns 1,547,640 shares of the company's stock worth $1,080,253,000 after purchasing an additional 192,837 shares during the last quarter. Finally, Invesco Ltd. raised its position in shares of Spotify Technology by 17.3% during the 2nd quarter. Invesco Ltd. now owns 1,454,383 shares of the company's stock worth $1,116,007,000 after purchasing an additional 214,355 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Price Performance

SPOT stock opened at $516.14 on Friday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00. The firm has a market capitalization of $106.26 billion, a PE ratio of 53.54, a price-to-earnings-growth ratio of 1.11 and a beta of 1.66. The business has a 50 day simple moving average of $502.35 and a 200-day simple moving average of $596.07.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, topping analysts' consensus estimates 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 firm's revenue was up 6.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.88 earnings per share. On average, equities research analysts expect that Spotify Technology will post 10.3 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on SPOT shares. Weiss Ratings cut Spotify Technology from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, February 26th. Benchmark reduced 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 target price on Spotify Technology from $750.00 to $710.00 and set an "overweight" rating on the stock in a research report on Tuesday, January 13th. Barclays lifted their price target on Spotify Technology from $625.00 to $650.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 11th. Finally, Cantor Fitzgerald reduced their price objective on Spotify Technology from $615.00 to $525.00 and set a "neutral" rating for the company in a research note on Wednesday, February 11th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target 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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