Bridgewater Advisors Inc. Sells 163 Shares of Spotify Technology $SPOT

Bridgewater Advisors Inc. decreased its stake in shares of Spotify Technology (NYSE:SPOT) by 23.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 547 shares of the company’s stock after selling 163 shares during the quarter. Bridgewater Advisors Inc.’s holdings in Spotify Technology were worth $420,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of SPOT. Goldman Sachs Group Inc. lifted its position in shares of Spotify Technology by 1,151.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company’s stock valued at $957,494,000 after acquiring an additional 1,601,653 shares in the last quarter. Jennison Associates LLC raised its stake in Spotify Technology by 42.3% in the 1st quarter. Jennison Associates LLC now owns 4,247,940 shares of the company’s stock worth $2,336,494,000 after acquiring an additional 1,262,614 shares during the last quarter. Nuveen LLC purchased a new position in Spotify Technology in the 1st quarter worth $383,139,000. Axiom Investors LLC DE grew its holdings in Spotify Technology by 216.8% during the first quarter. Axiom Investors LLC DE now owns 719,682 shares of the company’s stock worth $395,847,000 after acquiring an additional 492,504 shares during the period. Finally, Bessemer Group Inc. grew its position in shares of Spotify Technology by 215.3% during the 2nd quarter. Bessemer Group Inc. now owns 505,329 shares of the company’s stock valued at $387,758,000 after acquiring an additional 345,048 shares during the period. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

SPOT stock opened at $643.19 on Tuesday. Spotify Technology has a 12 month low of $376.04 and a 12 month high of $785.00. The firm has a market cap of $131.67 billion, a PE ratio of 156.11, a P/E/G ratio of 3.45 and a beta of 1.67. The firm has a 50 day simple moving average of $690.61 and a 200 day simple moving average of $682.41.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Phillip Securities raised shares of Spotify Technology from a “moderate sell” rating to a “hold” rating in a research note on Monday, August 4th. UBS Group reduced their target price on shares of Spotify Technology from $895.00 to $850.00 and set a “buy” rating for the company in a report on Wednesday, July 30th. Morgan Stanley cut their price target on shares of Spotify Technology from $850.00 to $800.00 and set an “overweight” rating for the company in a report on Wednesday, July 30th. Citigroup upped their target price on shares of Spotify Technology from $715.00 to $750.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 9th. Finally, Barclays decreased their target price on shares of Spotify Technology from $800.00 to $750.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and twelve have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $731.81.

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.