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

Arrowstreet Capital Limited Partnership lessened its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 35.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,437,779 shares of the company’s stock after selling 773,086 shares during the period. Arrowstreet Capital Limited Partnership owned 0.72% of Spotify Technology worth $643,234,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Maridea Wealth Management LLC bought a new position in Spotify Technology during the 4th quarter valued at approximately $381,000. Level Four Advisory Services LLC grew its stake in shares of Spotify Technology by 5.7% in the fourth quarter. Level Four Advisory Services LLC now owns 2,546 shares of the company’s stock worth $1,139,000 after acquiring an additional 137 shares during the last quarter. Orion Portfolio Solutions LLC increased its holdings in shares of Spotify Technology by 105.0% during the fourth quarter. Orion Portfolio Solutions LLC now owns 6,831 shares of the company’s stock valued at $3,056,000 after acquiring an additional 3,499 shares in the last quarter. Pictet Asset Management Holding SA raised its position in shares of Spotify Technology by 157.7% in the 4th quarter. Pictet Asset Management Holding SA now owns 213,773 shares of the company’s stock worth $95,638,000 after purchasing an additional 130,833 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. boosted its stake in Spotify Technology by 4,763.8% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 44,747 shares of the company’s stock worth $20,019,000 after purchasing an additional 43,827 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. UBS Group raised their price objective on shares of Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. China Renaissance initiated coverage on shares of Spotify Technology in a report on Wednesday. They issued a “buy” rating and a $740.00 price objective for the company. Guggenheim reiterated a “buy” rating and set a $675.00 target price on shares of Spotify Technology in a research note on Monday, February 24th. Wolfe Research restated a “peer perform” rating on shares of Spotify Technology in a research note on Friday, January 17th. Finally, The Goldman Sachs Group increased their price objective on Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research report on Thursday, February 6th. Nine analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $552.47.

Spotify Technology Trading Down 3.5 %

NYSE:SPOT opened at $559.76 on Friday. The stock has a market capitalization of $114.59 billion, a P/E ratio of 94.08 and a beta of 1.66. Spotify Technology S.A. has a 12-month low of $260.80 and a 12-month high of $652.63. The stock has a 50-day moving average price of $578.28 and a 200 day moving average price of $478.17.

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.