Spotify Technology $SPOT Shares Sold by CenterBook Partners LP

CenterBook Partners LP trimmed its holdings in Spotify Technology (NYSE:SPOT) by 29.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,551 shares of the company’s stock after selling 2,678 shares during the quarter. CenterBook Partners LP’s holdings in Spotify Technology were worth $3,804,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. KERR FINANCIAL PLANNING Corp acquired a new position in Spotify Technology in the third quarter valued at approximately $26,000. JPL Wealth Management LLC acquired a new position in Spotify Technology in the third quarter valued at approximately $35,000. Newbridge Financial Services Group Inc. acquired a new position in Spotify Technology in the fourth quarter valued at approximately $35,000. Kozak & Associates Inc. boosted its holdings in Spotify Technology by 1,700.0% in the fourth quarter. Kozak & Associates Inc. now owns 72 shares of the company’s stock valued at $39,000 after purchasing an additional 68 shares in the last quarter. Finally, Eastern Bank boosted its holdings in Spotify Technology by 110.5% in the fourth quarter. Eastern Bank now owns 80 shares of the company’s stock valued at $46,000 after purchasing an additional 42 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Alex Norstrom sold 5,436 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the completion of the sale, the chief executive officer owned 69,989 shares in the company, valued at $33,560,425.39. This represents a 7.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $525.73, for a total value of $18,600,327.40. Following the sale, the director owned 6,383 shares of the company’s stock, valued at $3,355,734.59. This trade represents a 84.72% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 111,442 shares of company stock valued at $54,647,508. 0.40% of the stock is owned by insiders.

Spotify Technology Trading Up 1.3%

SPOT stock opened at $503.57 on Tuesday. The company has a market capitalization of $103.67 billion, a P/E ratio of 40.12, a PEG ratio of 1.21 and a beta of 1.56. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00. The business has a 50 day simple moving average of $481.52 and a 200-day simple moving average of $513.25.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.41 by $0.63. The business had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The company’s revenue was up 8.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.07 earnings per share. Research analysts predict that Spotify Technology will post 14.72 EPS for the current fiscal year.

Analysts Set New Price Targets

SPOT has been the subject of a number of research analyst reports. Weiss Ratings raised Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 4th. JPMorgan Chase & Co. upped their price target on Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. The Goldman Sachs Group lowered their price target on Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Pivotal Research decreased their price objective on Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a report on Wednesday, April 29th. Finally, Morgan Stanley increased their price objective on Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $655.92.

About Spotify Technology

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.