Concentric Capital Strategies LP Raises Position in Spotify Technology $SPOT

Concentric Capital Strategies LP grew its holdings in Spotify Technology (NYSE:SPOT) by 9.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,303 shares of the company’s stock after acquiring an additional 2,582 shares during the period. Spotify Technology comprises approximately 0.8% of Concentric Capital Strategies LP’s portfolio, making the stock its 19th largest position. Concentric Capital Strategies LP’s holdings in Spotify Technology were worth $17,017,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. KERR FINANCIAL PLANNING Corp purchased a new position in Spotify Technology in the third quarter valued at $26,000. Kemnay Advisory Services Inc. purchased a new stake in Spotify Technology during the 4th quarter worth about $32,000. Newbridge Financial Services Group Inc. acquired a new stake in Spotify Technology in the 4th quarter valued at about $35,000. JPL Wealth Management LLC purchased a new position in shares of Spotify Technology in the 3rd quarter valued at about $35,000. Finally, Wilmington Savings Fund Society FSB boosted its stake in shares of Spotify Technology by 85.7% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock valued at $38,000 after buying an additional 30 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 2.8%

SPOT stock opened at $456.54 on Thursday. The business has a 50 day moving average price of $481.68 and a 200 day moving average price of $507.77. The stock 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 has a fifty-two week low of $405.00 and a fifty-two week high of $785.00.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. The firm had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The firm’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.07 earnings per share. As a group, sell-side analysts anticipate that Spotify Technology will post 14.68 EPS for the current year.

Insider Buying and Selling at Spotify Technology

In other news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total value of $18,600,327.40. Following the completion of the transaction, the director owned 6,383 shares in the company, valued at approximately $3,355,734.59. This represents a 84.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the completion of the transaction, the chief executive officer directly owned 69,989 shares in the company, valued at $33,560,425.39. This trade represents a 7.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 111,442 shares of company stock worth $54,647,508. 0.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

SPOT has been the topic of a number of recent research reports. JPMorgan Chase & Co. upped their target price on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Arete Research upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price target for the company in a report on Thursday, February 26th. Morgan Stanley increased their price objective on shares of Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. KeyCorp reduced their price objective on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. Finally, Wall Street Zen cut shares of Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, June 13th. Two analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and a consensus target price of $652.16.

Spotify Technology 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.