Candlestick Capital Management LP Acquires 3,885 Shares of Spotify Technology S.A. (NYSE:SPOT)

Candlestick Capital Management LP boosted its holdings in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 3.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 108,974 shares of the company's stock after acquiring an additional 3,885 shares during the period. Spotify Technology accounts for about 1.1% of Candlestick Capital Management LP's investment portfolio, making the stock its 26th largest holding. Candlestick Capital Management LP owned about 0.05% of Spotify Technology worth $48,753,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in SPOT. Jennison Associates LLC purchased a new stake in Spotify Technology in the 4th quarter worth approximately $1,335,575,000. GQG Partners LLC purchased a new position in Spotify Technology in the fourth quarter worth about $800,725,000. Forsta AP Fonden purchased a new stake in Spotify Technology during the 4th quarter valued at $619,600,000. Geode Capital Management LLC boosted its stake in shares of Spotify Technology by 561.6% during the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock worth $659,841,000 after purchasing an additional 1,259,183 shares during the period. Finally, Norges Bank bought a new position in shares of Spotify Technology during the fourth quarter valued at approximately $396,028,000. 84.09% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several research reports. China Renaissance initiated coverage on shares of Spotify Technology in a research report on Wednesday, March 26th. They issued a "buy" rating and a $740.00 price target for the company. Macquarie raised their price target on shares of Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. Cantor Fitzgerald dropped their target price on Spotify Technology from $600.00 to $520.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. KeyCorp lowered their price target on Spotify Technology from $675.00 to $625.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Finally, Redburn Atlantic assumed coverage on Spotify Technology in a report on Tuesday, March 11th. They set a "neutral" rating and a $545.00 target price for the company. Seven investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $602.15.

Spotify Technology Stock Performance

NYSE SPOT traded up $37.87 during trading hours on Wednesday, reaching $614.81. 4,229,828 shares of the company's stock were exchanged, compared to its average volume of 2,146,579. The company's 50-day moving average is $569.30 and its two-hundred day moving average is $511.15. Spotify Technology S.A. has a one year low of $280.66 and a one year high of $652.63. The company has a market capitalization of $125.86 billion, a price-to-earnings ratio of 103.33 and a beta of 1.75.

Spotify Technology Company Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.