Spotify Technology (NYSE:SPOT) Shares Sold by Blueshift Asset Management LLC

Key Points

• Blueshift Asset Management LLC reduced its holdings in Spotify Technology by 68.6% in the first quarter, owning 1,237 shares valued at $680,000 after selling 2,701 shares.
• Several institutional investors, including Hartford Investment Management Co. and HM Payson & Co., adjusted their stakes in Spotify, with 84.09% of the stock now held by institutional investors.
• Analysts have set varying price targets for Spotify, with Pivotal Research raising their target from $800 to $900, contributing to a general consensus price target of $718.90 among twenty analysts who rated the stock as a buy.

Blueshift Asset Management LLC trimmed its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 68.6% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,237 shares of the company's stock after selling 2,701 shares during the quarter. Blueshift Asset Management LLC's holdings in Spotify Technology were worth $680,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. Hartford Investment Management Co. grew its holdings in shares of Spotify Technology by 1.1% during the first quarter. Hartford Investment Management Co. now owns 1,449 shares of the company's stock worth $797,000 after buying an additional 16 shares in the last quarter. HM Payson & Co. lifted its stake in shares of Spotify Technology by 39.1% in the first quarter. HM Payson & Co. now owns 64 shares of the company's stock worth $35,000 after buying an additional 18 shares in the last quarter. North Star Investment Management Corp. boosted its position in Spotify Technology by 52.8% during the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after acquiring an additional 19 shares during the last quarter. Adero Partners LLC grew its stake in Spotify Technology by 0.7% during the 1st quarter. Adero Partners LLC now owns 2,635 shares of the company's stock valued at $1,449,000 after acquiring an additional 19 shares in the last quarter. Finally, Covenant Partners LLC grew its stake in Spotify Technology by 2.5% during the 4th quarter. Covenant Partners LLC now owns 1,024 shares of the company's stock valued at $458,000 after acquiring an additional 25 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SPOT has been the subject of a number of analyst reports. Pivotal Research upped their price objective on shares of Spotify Technology from $800.00 to $900.00 and gave the company a "buy" rating in a report on Tuesday, June 17th. Oppenheimer upgraded Spotify Technology from a "market perform" rating to an "outperform" rating and set a $800.00 price objective on the stock in a report on Thursday, July 24th. DZ Bank upgraded shares of Spotify Technology from a "sell" rating to a "hold" rating and set a $652.00 target price on the stock in a report on Wednesday. Evercore ISI lifted their price objective on Spotify Technology from $650.00 to $750.00 and gave the company an "outperform" rating in a research note on Monday, June 16th. Finally, Morgan Stanley lowered their target price on shares of Spotify Technology from $850.00 to $800.00 and set an "overweight" rating for the company in a research note on Wednesday. Nine research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $718.90.

Spotify Technology Stock Down 3.7%

Shares of SPOT opened at $626.44 on Friday. The firm has a market capitalization of $128.24 billion, a price-to-earnings ratio of 152.05, a P/E/G ratio of 1.84 and a beta of 1.68. Spotify Technology has a 12-month low of $300.57 and a 12-month high of $785.00. The stock's 50-day moving average price is $701.27 and its 200 day moving average price is $622.44.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). The firm had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The firm's revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.97 EPS. Equities research analysts expect that Spotify Technology will post 10.3 EPS for the current year.

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.

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