Spotify Technology $SPOT Position Reduced by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC trimmed its position in Spotify Technology (NYSE:SPOT) by 1.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 146,915 shares of the company’s stock after selling 1,894 shares during the period. CIBC Private Wealth Group LLC owned approximately 0.07% of Spotify Technology worth $102,547,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Knuff & Co LLC bought a new stake in shares of Spotify Technology in the 2nd quarter worth $27,000. Total Investment Management Inc. acquired a new stake in shares of Spotify Technology in the second quarter valued at $29,000. Heartwood Wealth Advisors LLC bought a new position in Spotify Technology during the third quarter valued at about $27,000. Greykasell Wealth Strategies Inc. grew its holdings in Spotify Technology by 3,800.0% during the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after acquiring an additional 38 shares during the period. Finally, Westfuller Advisors LLC acquired a new position in Spotify Technology during the third quarter worth about $29,000. 84.09% of the stock is owned by institutional investors.

Spotify Technology News Roundup

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 Trading Up 0.2%

Shares of SPOT opened at $524.79 on Wednesday. The business’s 50-day moving average price is $500.02 and its 200 day moving average price is $592.42. The stock has a market capitalization of $108.04 billion, a P/E ratio of 54.44, a P/E/G ratio of 1.15 and a beta of 1.66. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00.

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

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on SPOT. Arete Research raised 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. Citigroup raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price objective on the stock in a research note on Friday, January 30th. UBS Group dropped their target price on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a report on Friday, January 9th. Sanford C. Bernstein cut their target price on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating for the company in a research note on Wednesday, January 14th. Finally, Guggenheim reduced their target price on shares of Spotify Technology from $720.00 to $600.00 and set a “buy” rating for the company in a report on Tuesday, February 24th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $703.87.

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.