Spotify (SPOT)

• Market cap: $98.5B
• 1 day: 0.41%
• 5 days: 5.21%
• 1 month: 6.84%
• 3 months: 27.63%
• 6 months: 65.01%
• Year to date: 6.49%
• 1 year: 137.04%
• 5 years: 227.30%
• 10 years: 227.17%

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)

106% more first-time investments, than exits

New positions opened: 144 | Existing positions closed: 70

30% more repeat investments, than reductions

Existing positions increased: 355 | Existing positions reduced: 273

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: $42.1B [Q2] → $48B (+$5.9B) [Q3]

8% more funds holding

Funds holding: 831 [Q2] → 900 (+69) [Q3]

1.76% less ownership

Funds ownership: 67.64% [Q2] → 65.87% (-1.76%) [Q3]

14% less call options, than puts

Call options by funds: $3.18B | Put options by funds: $3.69B

Research analyst outlook

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

• Low target: $416 15% downside
• Avg. target: $503 3% upside
• High target: $560 15% upside

17 analyst ratings

• positive: 15 88%
• neutral: 2 12%
• negative: 0 0%

Benchmark Mark Zgutowicz 72% 1-year accuracy 41 / 57 met price target	7% upside $520	Buy Reiterated	16 Jan 2025
UBS Batya Levi 100% 1-year accuracy 6 / 6 met price target	11% upside $540	Buy Maintained	15 Jan 2025
Keybanc Aleksey Yefremov 36% 1-year accuracy 40 / 111 met price target	14% upside $555	Overweight Maintained	10 Jan 2025
Goldman Sachs Eric Sheridan 67% 1-year accuracy 36 / 54 met price target	13% upside $550	Buy Maintained	8 Jan 2025
Canaccord Genuity Maria Ripps 68% 1-year accuracy 19 / 28 met price target	15% upside $560	Buy Maintained	2 Dec 2024