Spotify Technology (NYSE:SPOT) Shares Sold by CenterBook Partners LP

CenterBook Partners LP trimmed its position in Spotify Technology (NYSE:SPOT - Free Report) by 76.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,555 shares of the company's stock after selling 28,044 shares during the period. CenterBook Partners LP's holdings in Spotify Technology were worth $4,706,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Mpwm Advisory Solutions LLC bought a new position in shares of Spotify Technology in the fourth quarter valued at $26,000. Hillsdale Investment Management Inc. acquired a new position in shares of Spotify Technology in the fourth quarter worth $27,000. Tsfg LLC acquired a new position in shares of Spotify Technology in the first quarter worth $28,000. Copia Wealth Management acquired a new position in shares of Spotify Technology in the fourth quarter worth $29,000. Finally, Cornerstone Planning Group LLC increased its stake in shares of Spotify Technology by 512.5% in the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock worth $29,000 after acquiring an additional 41 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Rosenblatt Securities decreased their price objective on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a report on Wednesday, April 30th. Pivotal Research upped their price objective on shares of Spotify Technology from $800.00 to $900.00 and gave the stock a "buy" rating in a report on Tuesday, June 17th. FBN Securities assumed coverage on shares of Spotify Technology in a report on Friday, March 28th. They set a "sector perform" rating and a $645.00 price target for the company. China Renaissance assumed coverage on shares of Spotify Technology in a report on Wednesday, March 26th. They set a "buy" rating and a $740.00 price target for the company. Finally, Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price target for the company in a report on Monday, April 21st. One analyst has rated the stock with a sell rating, eight have given a hold rating and nineteen have given a buy rating to the company. According to data from MarketBeat.com, Spotify Technology presently has a consensus rating of "Moderate Buy" and an average price target of $701.31.

Spotify Technology Stock Down 1.2%

Shares of NYSE SPOT opened at $708.58 on Tuesday. The stock has a market cap of $145.05 billion, a price-to-earnings ratio of 117.23, a P/E/G ratio of 1.88 and a beta of 1.68. Spotify Technology has a twelve month low of $288.07 and a twelve month high of $785.00. The company's fifty day moving average is $691.37 and its 200-day moving average is $604.73.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same period in the prior year, the firm posted $0.97 earnings per share. The company's revenue was up 15.2% compared to the same quarter last year. On average, research analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

Spotify Technology Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.

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