Spotify Technology (NYSE:SPOT) Holdings Trimmed by Gulf International Bank UK Ltd

Key Points

• Gulf International Bank UK Ltd has reduced its stake in Spotify Technology by 20.7%, now holding 8,869 shares worth approximately $4.88 million.
• Institutional investors own 84.09% of Spotify's stock, with Goldman Sachs significantly increasing its stake by 1,151.0% during the same quarter.
• Spotify Technology reported a loss of ($0.42) earnings per share for the latest quarter, missing estimates, but achieved an impressive 10.1% revenue growth year-over-year.

Gulf International Bank UK Ltd reduced its position in Spotify Technology (NYSE:SPOT - Free Report) by 20.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,869 shares of the company's stock after selling 2,314 shares during the quarter. Gulf International Bank UK Ltd's holdings in Spotify Technology were worth $4,878,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Bank of Nova Scotia raised its position in shares of Spotify Technology by 36.4% in the 4th quarter. Bank of Nova Scotia now owns 750 shares of the company's stock worth $336,000 after acquiring an additional 200 shares in the last quarter. Townsquare Capital LLC increased its holdings in shares of Spotify Technology by 437.0% in the 4th quarter. Townsquare Capital LLC now owns 5,338 shares of the company's stock worth $2,388,000 after purchasing an additional 4,344 shares in the last quarter. Savvy Advisors Inc. bought a new stake in shares of Spotify Technology in the fourth quarter worth $225,000. Mariner LLC grew its holdings in shares of Spotify Technology by 6.4% in the fourth quarter. Mariner LLC now owns 16,362 shares of the company's stock worth $7,320,000 after acquiring an additional 979 shares during the period. Finally, Guggenheim Capital LLC grew its holdings in shares of Spotify Technology by 16.3% in the fourth quarter. Guggenheim Capital LLC now owns 16,133 shares of the company's stock worth $7,218,000 after acquiring an additional 2,263 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Trading Up 4.8%

Shares of NYSE:SPOT traded up $33.24 during trading on Friday, hitting $731.74. 3,005,192 shares of the stock were exchanged, compared to its average volume of 2,753,961. The company has a fifty day moving average price of $702.88 and a two-hundred day moving average price of $635.18. The company has a market cap of $149.79 billion, a PE ratio of 169.54, a P/E/G ratio of 3.02 and a beta of 1.69. Spotify Technology has a 12-month low of $319.07 and a 12-month high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported ($0.42) EPS for the quarter, missing analysts' consensus estimates of $2.00 by ($2.42). The company had revenue of $4.94 billion for the quarter, compared to analyst estimates of $4.29 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. Spotify Technology's quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.33 EPS. Equities research analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently commented on SPOT shares. The Goldman Sachs Group upped their target price on Spotify Technology from $680.00 to $775.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Sanford C. Bernstein upped their target price on Spotify Technology from $825.00 to $840.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Morgan Stanley cut their target price on Spotify Technology from $850.00 to $800.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 30th. Wells Fargo & Company increased their price objective on Spotify Technology from $740.00 to $750.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Finally, Wolfe Research raised Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price objective on the stock in a research note on Monday, April 21st. Ten investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, Spotify Technology currently has a consensus rating of "Moderate Buy" and an average price target of $718.90.

About Spotify Technology

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.