CenterBook Partners LP Buys 6,958 Shares of Spotify Technology $SPOT

CenterBook Partners LP grew its stake in Spotify Technology (NYSE:SPOT) by 306.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,229 shares of the company’s stock after acquiring an additional 6,958 shares during the quarter. CenterBook Partners LP’s holdings in Spotify Technology were worth $6,442,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. MJP Associates Inc. ADV raised its position in shares of Spotify Technology by 94.1% in the 3rd quarter. MJP Associates Inc. ADV now owns 728 shares of the company’s stock worth $508,000 after purchasing an additional 353 shares during the last quarter. Syon Capital LLC increased its stake in Spotify Technology by 14.8% during the 3rd quarter. Syon Capital LLC now owns 8,637 shares of the company’s stock valued at $6,029,000 after purchasing an additional 1,115 shares in the last quarter. Advisors Capital Management LLC raised its holdings in Spotify Technology by 107.2% in the third quarter. Advisors Capital Management LLC now owns 576 shares of the company’s stock worth $402,000 after buying an additional 298 shares during the last quarter. Condor Capital Management purchased a new position in Spotify Technology in the third quarter worth about $674,000. Finally, Hodges Capital Management Inc. lifted its stake in shares of Spotify Technology by 300.1% in the third quarter. Hodges Capital Management Inc. now owns 18,810 shares of the company’s stock worth $13,129,000 after buying an additional 14,109 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Up 0.9%

NYSE SPOT opened at $462.69 on Wednesday. The company has a 50-day moving average price of $528.86 and a 200-day moving average price of $618.16. 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 $95.24 billion, a P/E ratio of 48.00, a PEG ratio of 1.08 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.16 by $2.00. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The company had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter last year, the firm posted $1.88 earnings per share. The firm’s revenue was up 6.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Cantor Fitzgerald reduced their price target on shares of Spotify Technology from $615.00 to $525.00 and set a “neutral” rating for the company in a research report on Wednesday, February 11th. Guggenheim cut their target price on Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research note on Wednesday, February 11th. UBS Group decreased their price target on Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a research note on Friday, January 9th. Citizens Jmp began coverage on Spotify Technology in a research report on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 price objective on the stock. Finally, Benchmark decreased their target price on Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a research report on Friday, January 16th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus price target of $706.42.

Spotify Technology Company 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.