Cathie Wood and Steve Cohen Love These 5 Stocks

3. Spotify Technology S.A. (NYSE:SPOT)

ARK Investment Management’s Stake Value: $662,726,000

Point72 Asset Management’s Stake Value: $71,882,000

Number of Hedge Fund Holders: 49

Spotify Technology S.A. (NYSE:SPOT) is a Luxembourg-based company that provides audio streaming services worldwide. In the first quarter of 2022, Cathie Wood held a $662.7 million stake in Spotify Technology S.A. (NYSE:SPOT), while Steve Cohen’s Point72 Asset Management owned a $71.8 million position. 

JPMorgan analyst Doug Anmuth on June 29 reiterated an Overweight rating on Spotify Technology S.A. (NYSE:SPOT) and lowered the price target on the shares to $145 from $150. The analyst lowered estimates and price targets for 26 companies in his coverage due to macro pressures, currency movements, and company-specific factors. 

In Q1 2022, 49 hedge funds reported bullish positions in Spotify Technology S.A. (NYSE:SPOT), compared to 53 funds in the prior quarter. Gabriel Plotkin’s Melvin Capital Management is one of the leading shareholders of the company, with 1.5 million shares worth $233.2 million. 

Here is what Baron Focused Growth Fund has to say about Spotify Technology S.A. (NYSE:SPOT) in its Q1 2022 investor letter:

“We also added to our positions in Spotify Technology S.A. The company has large addressable markets with strong brands that should allow them to take significant market share over time. We believe SPOT is appropriately financed and should generate significant cash to continue investing in their businesses for further growth.”