Concentric Capital Strategies LP Purchases 15,669 Shares of Spotify Technology $SPOT

Concentric Capital Strategies LP boosted its position in Spotify Technology (NYSE:SPOT) by 141.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,721 shares of the company’s stock after purchasing an additional 15,669 shares during the period. Spotify Technology accounts for about 0.8% of Concentric Capital Strategies LP’s portfolio, making the stock its 18th biggest holding. Concentric Capital Strategies LP’s holdings in Spotify Technology were worth $18,651,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of SPOT. Knuff & Co LLC bought a new position in Spotify Technology in the 2nd quarter valued at approximately $27,000. Total Investment Management Inc. acquired a new stake in Spotify Technology during the 2nd quarter worth approximately $29,000. Heartwood Wealth Advisors LLC bought a new stake in Spotify Technology during the 3rd quarter worth approximately $27,000. Greykasell Wealth Strategies Inc. grew its holdings in Spotify Technology by 3,800.0% during the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after acquiring an additional 38 shares during the last quarter. Finally, Westfuller Advisors LLC acquired a new position in Spotify Technology in the 3rd quarter valued at approximately $29,000. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Performance

NYSE:SPOT opened at $516.14 on Friday. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The firm’s fifty day moving average is $502.35 and its 200-day moving average is $596.07. The firm has a market cap of $106.26 billion, a P/E ratio of 53.54, a P/E/G ratio of 1.11 and a beta of 1.66.

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

Analysts Set New Price Targets

Several research firms have recently issued reports on SPOT. Citizens Jmp initiated coverage on shares of Spotify Technology in a research note on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 price target for the company. Citigroup raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price objective on the stock in a research note on Friday, January 30th. UBS Group decreased their price objective on Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a report on Friday, January 9th. Weiss Ratings lowered Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, February 26th. Finally, KeyCorp cut their target price on Spotify Technology from $830.00 to $720.00 and set an “overweight” rating on the stock in a report on Monday, February 9th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $703.87.

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.