Concentric Capital Strategies LP Sells 49,943 Shares of Spotify Technology S.A. (NYSE:SPOT)

Concentric Capital Strategies LP lowered its stake in Spotify Technology S.A. (NYSE:SPOT) by 82.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 10,852 shares of the company’s stock after selling 49,943 shares during the quarter. Concentric Capital Strategies LP’s holdings in Spotify Technology were worth $3,999,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in SPOT. Aigen Investment Management LP raised its position in Spotify Technology by 42.4% in the 3rd quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after buying an additional 2,918 shares during the last quarter. Pathway Capital Management LP grew its stake in shares of Spotify Technology by 23.8% during the 3rd quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock worth $21,132,000 after acquiring an additional 11,042 shares in the last quarter. Perpetual Ltd raised its holdings in shares of Spotify Technology by 24.3% in the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after purchasing an additional 148,431 shares during the last quarter. Covenant Asset Management LLC bought a new stake in shares of Spotify Technology in the third quarter worth $3,364,000. Finally, Jag Capital Management LLC acquired a new position in Spotify Technology during the third quarter worth $13,569,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on SPOT shares. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group lifted their target price on Spotify Technology from $430.00 to $490.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Bank of America increased their price target on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Wells Fargo & Company raised their price target on Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Finally, Canaccord Genuity Group upped their price objective on Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus target price of $422.90.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $480.26 on Tuesday. Spotify Technology S.A. has a 52-week low of $185.37 and a 52-week high of $489.69. The stock has a market cap of $95.60 billion, a PE ratio of 130.51 and a beta of 1.61. The firm has a 50-day moving average of $404.30 and a 200-day moving average of $350.99.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The business had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same period in the prior year, the firm earned $0.36 EPS. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. Equities research analysts predict that Spotify Technology S.A. will post 6.02 earnings per share 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.