Spotify Technology S.A. (NYSE:SPOT) is Castle Hook Partners LP’s 10th Largest Position

Castle Hook Partners LP increased its holdings in Spotify Technology S.A. (NYSE:SPOT) by 83.5% in the third quarter, HoldingsChannel.com reports. The fund owned 401,286 shares of the company’s stock after acquiring an additional 182,601 shares during the period. Spotify Technology comprises about 2.8% of Castle Hook Partners LP’s portfolio, making the stock its 10th largest holding. Castle Hook Partners LP’s holdings in Spotify Technology were worth $147,886,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SPOT. WCM Investment Management LLC raised its holdings in Spotify Technology by 18.5% in the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after purchasing an additional 605,755 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Spotify Technology by 3.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock worth $1,286,969,000 after purchasing an additional 102,786 shares in the last quarter. FMR LLC raised its holdings in Spotify Technology by 23.4% in the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after purchasing an additional 297,035 shares in the last quarter. Swedbank AB raised its holdings in Spotify Technology by 13.2% in the second quarter. Swedbank AB now owns 852,526 shares of the company’s stock worth $267,514,000 after purchasing an additional 99,730 shares in the last quarter. Finally, Perpetual Ltd raised its holdings in Spotify Technology by 24.3% in the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after purchasing an additional 148,431 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $475.34 on Thursday. Spotify Technology S.A. has a 52-week low of $179.66 and a 52-week high of $489.69. The stock has a market capitalization of $94.62 billion, a price-to-earnings ratio of 129.17 and a beta of 1.56. The stock’s 50-day simple moving average is $399.75 and its two-hundred day simple moving average is $348.05.

Spotify Technology (NYSE:SPOT) last posted 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). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the previous year, the firm earned $0.36 earnings per share. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. As a group, equities analysts forecast that Spotify Technology S.A. will post 6.02 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on SPOT shares. Phillip Securities reiterated an “accumulate” rating and issued a $485.00 price objective (up previously from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. The Goldman Sachs Group raised their price target on Spotify Technology from $430.00 to $490.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Macquarie raised their price target on Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. raised their price target on Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Finally, Wells Fargo & Company raised their price target on Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $421.69.

About Spotify Technology

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.