Spotify Technology (NYSE:SPOT) Shares Sold by SeaBridge Investment Advisors LLC

SeaBridge Investment Advisors LLC lessened its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 25.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,738 shares of the company's stock after selling 5,368 shares during the quarter. Spotify Technology makes up 1.9% of SeaBridge Investment Advisors LLC's portfolio, making the stock its 11th biggest position. SeaBridge Investment Advisors LLC's holdings in Spotify Technology were worth $8,656,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SPOT. Thrivent Financial for Lutherans grew its stake in shares of Spotify Technology by 566.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock worth $3,541,000 after acquiring an additional 6,782 shares during the last quarter. O Shaughnessy Asset Management LLC grew its stake in shares of Spotify Technology by 18.5% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 22,598 shares of the company's stock worth $10,110,000 after acquiring an additional 3,536 shares during the last quarter. QRG Capital Management Inc. grew its stake in shares of Spotify Technology by 36.3% in the first quarter. QRG Capital Management Inc. now owns 710 shares of the company's stock worth $391,000 after acquiring an additional 189 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Spotify Technology by 38.1% in the first quarter. GAMMA Investing LLC now owns 1,305 shares of the company's stock worth $718,000 after acquiring an additional 360 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its stake in shares of Spotify Technology by 16.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company's stock worth $4,699,000 after acquiring an additional 1,179 shares during the last quarter. Institutional investors own 84.09% of the company's stock.

Spotify Technology Price Performance

Shares of Spotify Technology stock traded down $27.68 on Friday, reaching $693.23. The company had a trading volume of 845,166 shares, compared to its average volume of 2,214,014. Spotify Technology has a 1 year low of $288.07 and a 1 year high of $785.00. The firm's 50-day moving average price is $695.14 and its two-hundred day moving average price is $608.01. The firm has a market cap of $141.91 billion, a price-to-earnings ratio of 115.69, a P/E/G ratio of 1.88 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). The firm had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The firm's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.97 EPS. As a group, analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

Wall Street Analyst Weigh In

SPOT has been the topic of several recent analyst reports. Canaccord Genuity Group increased their price objective on Spotify Technology from $775.00 to $850.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. KeyCorp increased their price objective on Spotify Technology from $640.00 to $860.00 and gave the company an "overweight" rating in a research report on Friday, July 11th. Macquarie increased their price objective on Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. Wolfe Research raised Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price on the stock in a research report on Monday, April 21st. Finally, Barclays raised their target price on Spotify Technology from $650.00 to $800.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, Spotify Technology presently has an average rating of "Moderate Buy" and a consensus price target of $701.31.

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.