Spotify (SPOT)

• Market cap: $93.1B
• 1 day: 1.48%
• 5 days: -4.59%
• 1 month: -1.94%
• 3 months: 26.21%
• 6 months: 46.83%
• Year to date: 144.11%
• 1 year: 144.23%
• 5 years: 206.62%
• 10 years: 209.29%

About: Spotify is the leading global music streaming service provider, with over 600 million monthly active users and 250 million paying subscribers, with the latter comprising the firm's premium segment. most of the firm's revenue and nearly all its gross profit come from the subscribers, who pay a monthly fee to access a very comprehensive music library that consists of most of the most popular songs ever recorded, including all from the major record labels. The firm also sells separate audiobook subscriptions and integrates podcasts within its standard music app. Podcast content is not exclusive and is typically free to access on other platforms. Ad-supported users can access a similar music catalog but cannot customize a similar on-demand experience.

Employees: 7,372

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

88% more first-time investments, than exits

New positions opened: 143 | Existing positions closed: 76

31% more repeat investments, than reductions

Existing positions increased: 355 | Existing positions reduced: 272

22% more funds holding in top 10

Funds holding in top 10: 50 [Q2] → 61 (+11) [Q3]

14% more capital invested

Capital invested by funds: $40.8B [Q2] → $46.4B (+$5.6B) [Q3]

8% more funds holding

Funds holding: 831 [Q2] → 898 (+67) [Q3]

1.85% less ownership

Funds ownership: 65.51% [Q2] → 63.65% (-1.85%) [Q3]

14% less call options, than puts

Call options by funds: $3.17B | Put options by funds: $3.68B

Research analyst outlook

16 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $340 26% downside
• Avg. target: $479 4% upside
• High target: $560 22% upside

16 analyst ratings

• positive: 13 81%
• neutral: 3 19%
• negative: 0 0%

Canaccord Genuity Maria Ripps 61% 1-year accuracy 17 / 28 met price target	22% upside $560	Buy Maintained	2 Dec 2024
Goldman Sachs Eric Sheridan 60% 1-year accuracy 37 / 62 met price target	6% upside $490	Buy Maintained	14 Nov 2024
Macquarie Tim Nollen 71% 1-year accuracy 29 / 41 met price target	8% upside $500	Outperform Maintained	13 Nov 2024
TD Cowen Doug Creutz 83% 1-year accuracy 5 / 6 met price target	10% downside $416	Hold Maintained	13 Nov 2024
B of A Securities Jessica Reif Ehrlich 100% 1-year accuracy 13 / 13 met price target	12% upside $515	Buy Maintained	13 Nov 2024