Central Pacific Bank Trust Division Decreases Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Central Pacific Bank Trust Division lowered its stake in Spotify Technology S.A. (NYSE:SPOT) by 16.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,138 shares of the company’s stock after selling 425 shares during the period. Central Pacific Bank Trust Division’s holdings in Spotify Technology were worth $956,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. WCM Investment Management LLC grew its holdings in Spotify Technology by 18.5% during the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after acquiring an additional 605,755 shares in the last quarter. International Assets Investment Management LLC grew its stake in shares of Spotify Technology by 36,910.0% during the third quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock worth $128,073,000 after purchasing an additional 346,585 shares in the last quarter. Sei Investments Co. increased its holdings in Spotify Technology by 106.8% in the second quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock valued at $202,828,000 after buying an additional 333,782 shares during the last quarter. FMR LLC raised its stake in Spotify Technology by 23.4% in the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after buying an additional 297,035 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in Spotify Technology by 3,948.3% during the 3rd quarter. Janus Henderson Group PLC now owns 264,233 shares of the company’s stock worth $97,329,000 after buying an additional 257,706 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft raised their target price on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Cantor Fitzgerald restated a “neutral” rating and set a $340.00 price objective on shares of Spotify Technology in a research report on Monday, October 7th. Phillip Securities reaffirmed an “accumulate” rating and issued a $485.00 target price (up from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. Benchmark boosted their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Finally, KeyCorp raised their price objective on Spotify Technology from $490.00 to $520.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and a consensus price target of $429.96.

Spotify Technology Price Performance

Shares of SPOT stock opened at $466.69 on Friday. Spotify Technology S.A. has a 1-year low of $187.45 and a 1-year high of $506.47. The business’s fifty day moving average price is $450.14 and its 200 day moving average price is $377.29. The firm has a market capitalization of $92.90 billion, a PE ratio of 126.82 and a beta of 1.61.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results 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). The company had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.36 EPS. Equities research analysts expect 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.