Cullen Frost Bankers Inc. Sells 2,850 Shares of Spotify Technology (NYSE:SPOT)

Cullen Frost Bankers Inc. lessened its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 6.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 43,451 shares of the company's stock after selling 2,850 shares during the quarter. Cullen Frost Bankers Inc.'s holdings in Spotify Technology were worth $23,899,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of SPOT. Mpwm Advisory Solutions LLC purchased a new stake in Spotify Technology in the fourth quarter worth about $26,000. Hillsdale Investment Management Inc. purchased a new stake in Spotify Technology in the fourth quarter worth about $27,000. Tsfg LLC purchased a new stake in Spotify Technology in the first quarter worth about $28,000. Copia Wealth Management purchased a new stake in Spotify Technology in the fourth quarter worth about $29,000. Finally, Cornerstone Planning Group LLC increased its position in Spotify Technology by 512.5% in the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock worth $29,000 after buying an additional 41 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on SPOT shares. Robert W. Baird upped their price target on Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Macquarie upped their price objective on Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. The Goldman Sachs Group upped their price objective on Spotify Technology from $680.00 to $775.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. DZ Bank lowered Spotify Technology from a "strong-buy" rating to a "strong sell" rating in a research note on Friday, June 13th. Finally, China Renaissance began coverage on Spotify Technology in a research note on Wednesday, March 26th. They issued a "buy" rating and a $740.00 price objective for the company. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $701.31.

Spotify Technology Price Performance

Shares of NYSE:SPOT traded down $4.71 during trading on Wednesday, hitting $705.75. The company had a trading volume of 1,335,849 shares, compared to its average volume of 2,220,489. The stock has a market cap of $144.47 billion, a price-to-earnings ratio of 117.04, a price-to-earnings-growth ratio of 1.90 and a beta of 1.68. Spotify Technology has a one year low of $288.07 and a one year high of $785.00. The company has a fifty day simple moving average of $692.89 and a two-hundred day simple moving average of $605.46.

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

Spotify Technology Company 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.