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

Arrowstreet Capital Limited Partnership decreased its holdings in Spotify Technology S.A. (NYSE:SPOT) by 35.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,437,779 shares of the company’s stock after selling 773,086 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Spotify Technology were worth $643,234,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SPOT. Jennison Associates LLC bought a new stake in shares of Spotify Technology in the 4th quarter valued at approximately $1,335,575,000. GQG Partners LLC bought a new stake in Spotify Technology in the fourth quarter worth $800,725,000. Forsta AP Fonden purchased a new position in Spotify Technology during the fourth quarter worth $619,600,000. Norges Bank bought a new position in Spotify Technology during the fourth quarter valued at $396,028,000. Finally, Amundi raised its stake in shares of Spotify Technology by 194.2% in the fourth quarter. Amundi now owns 750,030 shares of the company’s stock valued at $359,812,000 after acquiring an additional 495,087 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 3.5 %

NYSE:SPOT opened at $559.76 on Friday. The stock has a market capitalization of $114.59 billion, a price-to-earnings ratio of 94.08 and a beta of 1.66. Spotify Technology S.A. has a 52 week low of $260.80 and a 52 week high of $652.63. The firm has a 50 day moving average of $578.28 and a 200 day moving average of $478.17.

Analyst Ratings Changes

SPOT has been the topic of several analyst reports. KeyCorp upped their price target on shares of Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Wolfe Research reaffirmed a “peer perform” rating on shares of Spotify Technology in a research note on Friday, January 17th. Citigroup raised their price target on Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. The Goldman Sachs Group upped 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. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $658.00 target price (up from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. Nine 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 company presently has a consensus rating of “Moderate Buy” and an average target price of $552.47.

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.