Boothbay Fund Management LLC Has $8.58 Million Stock Position in Spotify Technology $SPOT

Boothbay Fund Management LLC boosted its position in shares of Spotify Technology (NYSE:SPOT) by 115.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 12,285 shares of the company’s stock after purchasing an additional 6,583 shares during the quarter. Boothbay Fund Management LLC’s holdings in Spotify Technology were worth $8,575,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Anchor Investment Management LLC grew its position in shares of Spotify Technology by 563.8% during the 3rd quarter. Anchor Investment Management LLC now owns 1,759 shares of the company’s stock worth $1,228,000 after buying an additional 1,494 shares during the period. Alliancebernstein L.P. lifted its holdings in Spotify Technology by 157.5% in the third quarter. Alliancebernstein L.P. now owns 699,930 shares of the company’s stock valued at $488,551,000 after buying an additional 428,156 shares during the period. Schonfeld Strategic Advisors LLC boosted its stake in Spotify Technology by 10,209.5% in the third quarter. Schonfeld Strategic Advisors LLC now owns 67,321 shares of the company’s stock valued at $46,990,000 after acquiring an additional 66,668 shares during the last quarter. Creative Planning boosted its stake in Spotify Technology by 11.7% in the third quarter. Creative Planning now owns 29,589 shares of the company’s stock valued at $20,653,000 after acquiring an additional 3,110 shares during the last quarter. Finally, Credit Agricole S A acquired a new stake in Spotify Technology during the 3rd quarter worth $53,030,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SPOT. Erste Group Bank cut shares of Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 5th. UBS Group reduced their price target on Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a research report on Friday, January 9th. The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $735.00 to $700.00 in a research note on Friday, January 23rd. Moffett Nathanson began coverage on Spotify Technology in a report on Tuesday, January 27th. They issued a “neutral” rating and a $487.00 price objective for the company. Finally, Barclays increased their target price on Spotify Technology from $625.00 to $650.00 and gave the company an “overweight” rating in a research note on Wednesday, February 11th. Two 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 stock. According to MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average target price of $703.87.

Spotify Technology Stock Performance

Shares of SPOT opened at $516.14 on Monday. The stock has a 50 day simple moving average of $502.35 and a 200 day simple moving average of $594.68. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $785.00. The firm has a market capitalization of $106.26 billion, a PE ratio of 53.54, a P/E/G ratio of 1.13 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, topping the consensus estimate of $3.16 by $2.00. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The firm had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same period last year, the company posted $1.88 EPS. The business’s quarterly revenue was up 6.8% on a year-over-year basis. Equities research analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal 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.