Spotify Technology (NYSE:SPOT) Shares Sold by Lindbrook Capital LLC

Lindbrook Capital LLC lowered its position in Spotify Technology (NYSE:SPOT - Free Report) by 70.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 376 shares of the company's stock after selling 906 shares during the quarter. Lindbrook Capital LLC's holdings in Spotify Technology were worth $207,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans raised its holdings in shares of Spotify Technology by 566.1% during the 4th quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock valued at $3,541,000 after buying an additional 6,782 shares during the period. O Shaughnessy Asset Management LLC boosted 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 valued at $10,110,000 after purchasing an additional 3,536 shares during the period. QRG Capital Management Inc. grew its stake in shares of Spotify Technology by 36.3% during the first quarter. QRG Capital Management Inc. now owns 710 shares of the company's stock valued at $391,000 after acquiring an additional 189 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Spotify Technology by 38.1% in the 1st quarter. GAMMA Investing LLC now owns 1,305 shares of the company's stock valued at $718,000 after purchasing an additional 360 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its position in shares of Spotify Technology by 16.0% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company's stock worth $4,699,000 after buying an additional 1,179 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Stock Performance

Spotify Technology stock opened at $676.89 on Wednesday. The business's fifty day moving average is $696.06 and its two-hundred day moving average is $611.91. The firm has a market cap of $138.57 billion, a P/E ratio of 112.25, a P/E/G ratio of 1.88 and a beta of 1.68. Spotify Technology has a 52 week low of $300.57 and a 52 week high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same period in the prior year, the firm posted $0.97 earnings per share. The company's revenue was up 15.2% on a year-over-year basis. On average, equities research analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on SPOT shares. Macquarie raised their target price on shares of Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a report on Friday, April 25th. Sanford C. Bernstein upped their price objective on Spotify Technology from $825.00 to $840.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. JPMorgan Chase & Co. upped their price target on shares of Spotify Technology from $730.00 to $780.00 and gave the company an "overweight" rating in a report on Friday, July 11th. Canaccord Genuity Group lifted their price objective on shares of Spotify Technology from $775.00 to $850.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Finally, Guggenheim boosted their target price on shares of Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a report on Wednesday, June 25th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology presently has a consensus rating of "Moderate Buy" and an average 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.

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