Spotify Technology $SPOT Stock: CenterBook Partners LP Grows Holdings

Key Points

• CenterBook Partners increased its Spotify stake by 362.8% in the third quarter, to 3,189 shares worth about $1.55 million. Institutional investors collectively own 84.09% of the company.
• Spotify reported quarterly EPS of $2.81, below the $3.18 consensus estimate, while revenue of $5.63 billion was roughly in line with forecasts and rose 16.3% year over year.
• Analyst sentiment is Moderate Buy: 23 analysts rate the stock Buy, nine Hold and one Sell, with an average price target of $620.07.

CenterBook Partners LP raised its stake in Spotify Technology (NYSE:SPOT - Free Report) by 362.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,189 shares of the company's stock after acquiring an additional 2,500 shares during the quarter. CenterBook Partners LP's holdings in Spotify Technology were worth $1,554,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Calamos Wealth Management LLC raised its position in shares of Spotify Technology by 1.3% in the third quarter. Calamos Wealth Management LLC now owns 14,343 shares of the company's stock valued at $6,990,000 after buying an additional 179 shares in the last quarter. Kestra Advisory Services LLC raised its position in Spotify Technology by 13.5% during the 3rd quarter. Kestra Advisory Services LLC now owns 13,376 shares of the company's stock worth $6,519,000 after purchasing an additional 1,589 shares during the last quarter. Inscription Capital LLC lifted its position in shares of Spotify Technology by 106.4% in the 3rd quarter. Inscription Capital LLC now owns 1,036 shares of the company's stock worth $505,000 after purchasing an additional 534 shares during the period. Commonwealth Equity Services LLC boosted its position in shares of Spotify Technology by 2.1% during the 3rd quarter. Commonwealth Equity Services LLC now owns 13,027 shares of the company's stock valued at $6,349,000 after purchasing an additional 268 shares in the last quarter. Finally, TFB Advisors LLC grew its holdings in Spotify Technology by 25.3% in the third quarter. TFB Advisors LLC now owns 927 shares of the company's stock worth $452,000 after purchasing an additional 187 shares during the period. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Price Performance

NYSE:SPOT opened at $608.67 on Tuesday. The firm's 50-day moving average price is $538.63 and its 200-day moving average price is $501.01. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $668.49. The company has a market capitalization of $125.31 billion, a PE ratio of 40.35, a P/E/G ratio of 1.94 and a beta of 1.49.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results on Thursday, October 22nd. The company reported $2.81 earnings per share for the quarter, missing the consensus estimate of $3.18 by ($0.37). Spotify Technology had a return on equity of 35.64% and a net margin of 15.74%. The company had revenue of $5.63 billion during the quarter, compared to analysts' expectations of $5.64 billion. During the same quarter in the previous year, the company earned $3.28 EPS. The business's quarterly revenue was up 16.3% on a year-over-year basis. Equities analysts anticipate that Spotify Technology will post 13.66 EPS for the current fiscal year.

Insider Activity at Spotify Technology

In other news, CEO Gustav Söderström sold 20,910 shares of the business's stock in a transaction on Monday, October 12th. The stock was sold at an average price of $530.13, for a total value of $11,085,018.30. Following the completion of the transaction, the chief executive officer owned 19,908 shares in the company, valued at $10,553,828.04. The trade was a 51.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.40% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of Spotify Technology from $650.00 to $700.00 and gave the stock an "overweight" rating in a report on Friday, October 23rd. Cantor Fitzgerald boosted their price target on shares of Spotify Technology from $490.00 to $550.00 and gave the company a "neutral" rating in a research report on Friday, October 23rd. Stonex Financial lowered shares of Spotify Technology from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, October 14th. Morgan Stanley raised their price objective on shares of Spotify Technology from $640.00 to $700.00 and gave the company an "overweight" rating in a research report on Friday, October 23rd. Finally, Barclays boosted their price target on shares of Spotify Technology from $565.00 to $650.00 and gave the stock an "overweight" rating in a research note on Friday, October 23rd. Twenty-three equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $620.07.

Spotify Technology Profile

Spotify Technology operates a digital audio streaming platform offering music, podcasts and audiobooks. Listeners can use the service through a free, advertising-supported option or paid subscriptions, with features for discovering, organizing and sharing audio content.

Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon, Spotify launched its streaming service in 2008. The company serves listeners and creators in markets around the world and provides tools and services for artists, podcasters, authors and other content partners.

Spotify is headquartered in Luxembourg, with major operations in Sweden and other countries.

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