Spotify Technology S.A. (NYSE:SPOT) Stock Holdings Boosted by Castle Hook Partners LP

Castle Hook Partners LP increased its stake in Spotify Technology S.A. (NYSE:SPOT) by 83.5% during the third quarter, according to its most recent filing with the SEC. The fund owned 401,286 shares of the company’s stock after buying an additional 182,601 shares during the quarter. Spotify Technology accounts for approximately 2.8% of Castle Hook Partners LP’s portfolio, making the stock its 10th largest holding. Castle Hook Partners LP owned 0.20% of Spotify Technology worth $147,886,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SPOT. Vanguard Group Inc. lifted its holdings in Spotify Technology by 4.0% during the first quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock valued at $161,645,000 after purchasing an additional 23,675 shares during the last quarter. Advisors Asset Management Inc. increased its position in shares of Spotify Technology by 47.4% during the first quarter. Advisors Asset Management Inc. now owns 1,350 shares of the company’s stock valued at $356,000 after buying an additional 434 shares during the period. New Covenant Trust Company N.A. bought a new stake in shares of Spotify Technology during the first quarter valued at about $50,000. LRI Investments LLC bought a new stake in shares of Spotify Technology during the first quarter valued at about $95,000. Finally, Beck Bode LLC increased its position in shares of Spotify Technology by 11.8% during the first quarter. Beck Bode LLC now owns 57,149 shares of the company’s stock valued at $15,082,000 after buying an additional 6,018 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on SPOT shares. Phillip Securities reiterated an “accumulate” rating and set a $485.00 price target (up from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. KeyCorp upped their price objective on shares of Spotify Technology from $490.00 to $520.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Pivotal Research upped their price objective on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Wells Fargo & Company upped their price objective on shares of Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Finally, Evercore ISI upped their price objective on shares of Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $421.69.

Spotify Technology Stock Performance

NYSE:SPOT opened at $475.34 on Thursday. The firm has a market cap of $94.62 billion, a PE ratio of 129.17 and a beta of 1.56. Spotify Technology S.A. has a fifty-two week low of $179.66 and a fifty-two week high of $489.69. The business has a 50 day moving average price of $399.75 and a 200-day moving average price of $348.05.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The company had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period last year, the company posted $0.36 EPS. Research analysts predict that Spotify Technology S.A. will post 6.02 EPS for the current year.

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.