Concentric Capital Strategies LP Grows Position in Spotify Technology $SPOT

Concentric Capital Strategies LP boosted its position in shares of Spotify Technology (NYSE:SPOT) by 9.7% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 29,303 shares of the company’s stock after acquiring an additional 2,582 shares during the quarter. Spotify Technology comprises 0.8% of Concentric Capital Strategies LP’s holdings, making the stock its 19th biggest position. Concentric Capital Strategies LP’s holdings in Spotify Technology were worth $17,017,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SPOT. Norges Bank purchased a new position in shares of Spotify Technology during the fourth quarter worth approximately $711,460,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Spotify Technology by 1,382.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,182 shares of the company’s stock valued at $724,251,000 after purchasing an additional 1,163,045 shares during the last quarter. Capital World Investors raised its position in Spotify Technology by 40.7% in the 3rd quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock valued at $1,906,260,000 after purchasing an additional 789,755 shares during the last quarter. Capital Research Global Investors acquired a new stake in Spotify Technology during the 3rd quarter worth $512,190,000. Finally, Coatue Management LLC grew its position in Spotify Technology by 35.9% during the 4th quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock worth $1,423,251,000 after purchasing an additional 647,708 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on SPOT shares. Citizens Jmp upped their target price on shares of Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a report on Friday, May 22nd. Guggenheim lowered their price target on Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Benchmark reduced their price objective on Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Wall Street Zen cut Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, June 13th. Finally, Pivotal Research lowered their target price on Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a research note on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $652.16.

Insider Buying and Selling at Spotify Technology

In related news, Director Thomas O. Staggs sold 5,477 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the transaction, the director owned 3,619 shares of the company’s stock, valued at $1,903,594. This represents a 60.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Alex Norstrom sold 5,436 shares of the company’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 transaction, the chief executive officer directly owned 69,989 shares in the company, valued at $33,560,425.39. This represents a 7.21% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 111,442 shares of company stock worth $54,647,508. 0.40% of the stock is currently owned by company insiders.

Spotify Technology Stock Down 2.8%

Shares of NYSE:SPOT opened at $456.54 on Thursday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The firm’s 50-day simple moving average is $481.68 and its 200-day simple moving average is $507.77. The company has a market cap of $93.99 billion, a price-to-earnings ratio of 36.38, a PEG ratio of 1.15 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results 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 net margin of 15.56% and a return on equity of 35.73%. The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.07 earnings per share. On average, research analysts forecast that Spotify Technology will post 14.68 EPS for the current year.

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.