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

Central Pacific Bank Trust Division trimmed its holdings in Spotify Technology S.A. (NYSE:SPOT) by 16.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. 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 & Exchange Commission.

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

Spotify Technology Stock Performance

NYSE SPOT opened at $466.69 on Friday. Spotify Technology S.A. has a one year low of $187.45 and a one year high of $506.47. The company has a market capitalization of $92.90 billion, a price-to-earnings ratio of 126.82 and a beta of 1.61. The company’s 50-day simple moving average is $450.14 and its two-hundred day simple moving average is $377.29.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). The business had revenue of $3.99 billion for 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 quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.36 earnings per share. Equities analysts expect that Spotify Technology S.A. will post 6.02 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on SPOT shares. Barclays increased their price objective on shares of Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft lifted their price objective on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Piper Sandler increased their target price on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Rosenblatt Securities boosted their price target on shares of Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Finally, Morgan Stanley increased their price objective on shares of Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $429.96.

Spotify Technology Company 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.