Arrowstreet Capital Limited Partnership Sells 773,086 Shares of Spotify Technology S.A. (NYSE:SPOT)

Arrowstreet Capital Limited Partnership lessened its position in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 35.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,437,779 shares of the company's stock after selling 773,086 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.72% of Spotify Technology worth $643,234,000 as of its most recent filing with the SEC.

A number of other hedge funds have also added to or reduced their stakes in the business. Jennison Associates LLC acquired a new stake in shares of Spotify Technology in the 4th quarter valued at approximately $1,335,575,000. State Street Corp grew its position in shares of Spotify Technology by 1.5% in the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company's stock valued at $736,073,000 after acquiring an additional 28,864 shares during the period. GQG Partners LLC bought a new stake in shares of Spotify Technology in the 4th quarter valued at about $800,725,000. Forsta AP Fonden bought a new stake in Spotify Technology in the fourth quarter valued at approximately $619,600,000. Finally, Two Sigma Advisers LP lifted its position in shares of Spotify Technology by 19.0% in the third quarter. Two Sigma Advisers LP now owns 980,000 shares of the company's stock valued at $361,159,000 after buying an additional 156,300 shares during the last quarter. Institutional investors own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on SPOT shares. Barclays raised their price target on Spotify Technology from $475.00 to $710.00 and gave the company an "overweight" rating in a report on Wednesday, February 5th. FBN Securities initiated coverage on Spotify Technology in a report on Friday, March 28th. They set a "sector perform" rating and a $645.00 price objective for the company. Citigroup increased their target price on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a "neutral" rating in a research report on Friday, February 14th. Benchmark raised their price objective on Spotify Technology from $600.00 to $720.00 and gave the stock a "buy" rating in a research note on Wednesday, February 5th. Finally, UBS Group reduced their target price on Spotify Technology from $720.00 to $690.00 and set a "buy" rating on the stock in a report on Wednesday. Nine research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $557.47.

Remove Ads

Spotify Technology Stock Performance

Shares of NYSE SPOT traded down $4.79 during mid-day trading on Thursday, hitting $560.62. The stock had a trading volume of 1,217,215 shares, compared to its average volume of 2,159,796. The business has a 50 day moving average price of $582.30 and a two-hundred day moving average price of $482.76. The firm has a market cap of $114.76 billion, a P/E ratio of 94.22 and a beta of 1.66. Spotify Technology S.A. has a 1 year low of $267.76 and a 1 year high of $652.63.

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.