CenterBook Partners LP Cuts Stock Position in Spotify Technology $SPOT

CenterBook Partners LP lessened its stake in shares of Spotify Technology (NYSE:SPOT) by 29.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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 at the end of the most recent quarter.

Several other large investors have also modified their holdings of SPOT. KERR FINANCIAL PLANNING Corp purchased a new stake in shares of Spotify Technology during the third quarter worth approximately $26,000. Newbridge Financial Services Group Inc. purchased a new stake in shares of Spotify Technology during the fourth quarter worth approximately $35,000. JPL Wealth Management LLC purchased a new stake in shares of Spotify Technology during the third quarter worth approximately $35,000. Kozak & Associates Inc. raised its stake in shares of Spotify Technology by 1,700.0% during the fourth quarter. Kozak & Associates Inc. now owns 72 shares of the company’s stock worth $39,000 after purchasing an additional 68 shares during the last quarter. Finally, Eastern Bank raised its stake in shares of Spotify Technology by 110.5% during the fourth quarter. Eastern Bank now owns 80 shares of the company’s stock worth $46,000 after purchasing an additional 42 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total value of $2,606,616.36. Following the completion of the transaction, the chief executive officer owned 69,989 shares in the company, valued at $33,560,425.39. This trade represents a 7.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Christopher P. Marshall sold 2,650 shares of the firm’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total value of $1,377,629.00. Following the completion of the transaction, the director owned 4,039 shares of the company’s stock, valued at approximately $2,099,714.54. This represents a 39.62% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 111,442 shares of company stock valued at $54,647,508. Company insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SPOT. Wall Street Zen upgraded Spotify Technology from a “hold” rating to a “buy” rating in a research note on Saturday, May 30th. Morgan Stanley increased their price objective on Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Rosenblatt Securities increased their price objective on Spotify Technology from $500.00 to $534.00 and gave the stock a “neutral” rating in a research report on Friday, May 22nd. Benchmark cut their price objective on Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Finally, Canaccord Genuity Group cut their price objective on Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $655.92.

Spotify Technology Stock Performance

NYSE:SPOT opened at $503.57 on Tuesday. The stock has a fifty day moving average price of $481.52 and a two-hundred day moving average price of $513.25. The stock has a market capitalization of $103.67 billion, a price-to-earnings ratio of 40.12, a PEG ratio of 1.21 and a beta of 1.56. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00.

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

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.