Sands Capital Management LLC Boosts Stock Position in Spotify Technology $SPOT

Key Points

• Sands Capital boosted its stake in Spotify by 14.2% in Q3 to 1,547,640 shares (adding 192,837 shares), a position worth about $1.08 billion that represents 3.0% of Sands’ portfolio and roughly 0.75% of Spotify outstanding.
• Spotify reported a strong quarter, beating EPS estimates ($5.16 vs. $3.16) and revenue ($5.32B, +6.8% YoY), and carries a MarketBeat consensus of "Moderate Buy" with an average target of $703.87 amid several analyst price-target changes.

Sands Capital Management LLC boosted its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 14.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,547,640 shares of the company's stock after acquiring an additional 192,837 shares during the quarter. Spotify Technology comprises 3.0% of Sands Capital Management LLC's investment portfolio, making the stock its 11th biggest holding. Sands Capital Management LLC owned 0.75% of Spotify Technology worth $1,080,253,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of SPOT. Knuff & Co LLC acquired a new position in shares of Spotify Technology in the second quarter valued at approximately $27,000. Heartwood Wealth Advisors LLC acquired a new stake in shares of Spotify Technology during the third quarter worth $27,000. Greykasell Wealth Strategies Inc. lifted its holdings in shares of Spotify Technology by 3,800.0% during the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company's stock worth $27,000 after purchasing an additional 38 shares during the period. Total Investment Management Inc. purchased a new position in Spotify Technology in the 2nd quarter valued at $29,000. Finally, Westfuller Advisors LLC purchased a new position in Spotify Technology in the 3rd quarter valued at $29,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

Spotify Technology stock opened at $530.27 on Wednesday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The firm has a market capitalization of $109.17 billion, a price-to-earnings ratio of 55.01, a price-to-earnings-growth ratio of 1.19 and a beta of 1.66. The stock's fifty day moving average is $506.30 and its two-hundred day moving average is $598.51.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly 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. 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 in the previous year, the company posted $1.88 EPS. The business's revenue was up 6.8% on a year-over-year basis. As a group, sell-side analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

Analyst Ratings Changes

SPOT has been the subject of a number of analyst reports. Barclays upped their price objective on shares of Spotify Technology from $625.00 to $650.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 11th. UBS Group lowered their target price on shares of Spotify Technology from $850.00 to $800.00 and set a "buy" rating on the stock in a report on Friday, January 9th. Wells Fargo & Company dropped their price target on shares of Spotify Technology from $750.00 to $710.00 and set an "overweight" rating on the stock in a research note on Tuesday, January 13th. KeyCorp cut their price target on shares of Spotify Technology from $830.00 to $720.00 and set an "overweight" rating for the company in a report 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 for the company in a research report on Friday, January 30th. Two 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 company's stock. Based on data from MarketBeat.com, Spotify Technology currently 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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