CIBC Private Wealth Group LLC Has $102.55 Million Position in Spotify Technology $SPOT

CIBC Private Wealth Group LLC lowered its holdings in Spotify Technology (NYSE:SPOT) by 1.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 146,915 shares of the company’s stock after selling 1,894 shares during the period. CIBC Private Wealth Group LLC’s holdings in Spotify Technology were worth $102,547,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. CIBC Bancorp USA Inc. purchased a new position in shares of Spotify Technology during the third quarter valued at $104,125,000. Centaurus Financial Inc. raised its position in Spotify Technology by 50.0% during the third quarter. Centaurus Financial Inc. now owns 357 shares of the company’s stock valued at $249,000 after buying an additional 119 shares during the period. First Affirmative Financial Network lifted its stake in Spotify Technology by 11.9% in the 3rd quarter. First Affirmative Financial Network now owns 573 shares of the company’s stock worth $400,000 after acquiring an additional 61 shares in the last quarter. Coldstream Capital Management Inc. lifted its stake in Spotify Technology by 48.2% in the 3rd quarter. Coldstream Capital Management Inc. now owns 4,223 shares of the company’s stock worth $2,948,000 after acquiring an additional 1,373 shares in the last quarter. Finally, Danske Bank A S acquired a new stake in Spotify Technology during the 3rd quarter worth about $56,442,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT stock opened at $524.79 on Wednesday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The stock’s 50-day moving average is $500.02 and its two-hundred day moving average is $592.42. The firm has a market cap of $108.04 billion, a P/E ratio of 54.44, a PEG ratio of 1.15 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.16 by $2.00. The business had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The firm’s revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.88 EPS. As a group, research analysts expect that Spotify Technology will post 10.3 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Barclays lifted their target price on Spotify Technology from $625.00 to $650.00 and gave the company an “overweight” rating in a research note on Wednesday, February 11th. Erste Group Bank lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 5th. 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. Moffett Nathanson began coverage on shares of Spotify Technology in a research report on Tuesday, January 27th. They set a “neutral” rating and a $487.00 price objective on the stock. Finally, Guggenheim dropped their price objective on shares of Spotify Technology from $720.00 to $600.00 and set a “buy” rating on the stock in a research note on Tuesday, February 24th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average target price of $703.87.

More Spotify Technology News

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: Report that Spotify may launch XR smart glasses signals potential expansion into hardware/AR experiences and new revenue channels beyond streaming. Spotify Could Soon Launch XR Smart Glasses To Elevate Your Music Listening Experience
• Positive Sentiment: Spotify is testing a “Taste Profile” and rolling out controls that let users shape recommendations — a retention/engagement play that can improve personalization and reduce churn. Spotify Tests ‘Taste Profile’ to Give Users More Control Over Music Recommendations
• Positive Sentiment: UI/UX improvements on Wear OS and potential playlist folders on mobile make the product stickier across devices, supporting user experience and engagement. Spotify on Wear OS just got a big redesign that makes it much easier to use Spotify could be rolling out playlist folders to mobile for the first time
• Neutral Sentiment: Stories about bringing a long-overdue Android feature and explanatory pieces on taste profiles are incremental UX news — helpful but unlikely to move fundamentals immediately. Spotify wants to bring this long-overdue feature to Android Spotify just handed you the keys to your taste profile — here’s how to change it
• Neutral Sentiment: Coverage of how much Nigerian music earns globally could highlight growth opportunity in Africa and licensing dynamics, but it’s indirect for Spotify unless it points to material incremental monetization or subscriber gains. New report reveals how much Nigerian music is really earning globally
• Negative Sentiment: A reported global outage raised short-term user frustration and media attention; repeated reliability problems can weigh on sentiment and retention if they persist. Spotify was down — Live updates on music streamer issues
• Negative Sentiment: A recent Seeking Alpha downgrade highlights intense competition and a perceived weak moat, which can pressure multiples and investor sentiment despite product progress and recent strong quarter. Spotify: Intense Competition And A Weak Moat Have Me Hitting Pause (Rating Upgrade)

Spotify Technology Company 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.