CenterBook Partners LP Grows Position in Spotify Technology $SPOT

CenterBook Partners LP lifted its stake in Spotify Technology (NYSE:SPOT) by 306.4% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,229 shares of the company’s stock after buying an additional 6,958 shares during the quarter. CenterBook Partners LP’s holdings in Spotify Technology were worth $6,442,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in SPOT. Sivia Capital Partners LLC purchased a new position in Spotify Technology during the second quarter valued at approximately $312,000. Mutual Advisors LLC raised its position in shares of Spotify Technology by 37.1% during the 2nd quarter. Mutual Advisors LLC now owns 466 shares of the company’s stock valued at $358,000 after purchasing an additional 126 shares during the period. Stratos Wealth Partners LTD. lifted its stake in shares of Spotify Technology by 18.6% during the 2nd quarter. Stratos Wealth Partners LTD. now owns 1,840 shares of the company’s stock valued at $1,412,000 after buying an additional 288 shares in the last quarter. Chicago Partners Investment Group LLC boosted its holdings in Spotify Technology by 87.1% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 582 shares of the company’s stock worth $447,000 after buying an additional 271 shares during the period. Finally, Balboa Wealth Partners purchased a new stake in Spotify Technology in the 2nd quarter worth $288,000. 84.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SPOT. Citigroup upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price objective on the stock in a research report on Friday, January 30th. Wells Fargo & Company lowered their price target on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating on the stock in a report on Tuesday, January 13th. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $735.00 to $700.00 in a research note on Friday, January 23rd. Guggenheim cut their price objective on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a report on Wednesday, February 11th. Finally, Benchmark lowered their target price on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating on the stock in a report on Friday, January 16th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $706.42.

Spotify Technology Stock Up 0.9%

Spotify Technology stock opened at $462.69 on Wednesday. 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 $528.86 and its 200 day moving average is $618.16. The company has a market cap of $95.24 billion, a price-to-earnings ratio of 48.00, a PEG ratio of 1.08 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last posted 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. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The firm had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the previous year, the firm posted $1.88 EPS. The business’s quarterly revenue was up 6.8% on a year-over-year basis. On average, equities research analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current fiscal 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.