Cinctive Capital Management LP Invests $6.92 Million in Spotify Technology $SPOT

Cinctive Capital Management LP purchased a new position in shares of Spotify Technology (NYSE:SPOT) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 9,919 shares of the company’s stock, valued at approximately $6,923,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Spotify Technology during the 2nd quarter worth $768,915,000. Capital World Investors grew its holdings in shares of Spotify Technology by 40.7% during 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 in the last quarter. Capital Research Global Investors acquired a new stake in shares of Spotify Technology in the third quarter valued at about $512,190,000. Principal Financial Group Inc. lifted 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 worth $398,889,000 after buying an additional 555,752 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its stake in shares of Spotify Technology by 22.7% in the second quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock worth $1,909,920,000 after buying an additional 460,115 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SPOT has been the subject of several research reports. Weiss Ratings cut shares of Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, February 26th. Citizens Jmp assumed coverage on shares of Spotify Technology in a research note on Wednesday, December 17th. They issued a “market outperform” rating and a $800.00 target price on the stock. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $735.00 to $700.00 in a report on Friday, January 23rd. UBS Group dropped their price target on Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a research report on Friday, January 9th. Finally, Wells Fargo & Company cut their price target on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a report on Tuesday, January 13th. 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.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $703.87.

Spotify Technology Trading Up 1.3%

Spotify Technology stock opened at $516.14 on Friday. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00. The stock has a market cap of $106.26 billion, a P/E ratio of 53.54, a PEG ratio of 1.13 and a beta of 1.66. The company has a 50-day moving average price of $502.35 and a 200 day moving average price of $595.37.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $3.16 by $2.00. The company had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.14 billion. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. Spotify Technology’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.88 earnings per share. As a group, analysts forecast that Spotify Technology will post 10.3 EPS for the current year.

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.