Bridgewater Advisors Inc. Buys Shares of 710 Spotify Technology (NYSE:SPOT)

Bridgewater Advisors Inc. bought a new stake in shares of Spotify Technology (NYSE:SPOT - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 710 shares of the company's stock, valued at approximately $409,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in SPOT. Proficio Capital Partners LLC acquired a new position in Spotify Technology in the 4th quarter valued at $281,000. Commonwealth Equity Services LLC increased its stake in shares of Spotify Technology by 14.1% in the 4th quarter. Commonwealth Equity Services LLC now owns 14,522 shares of the company's stock worth $6,497,000 after acquiring an additional 1,797 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in shares of Spotify Technology by 13.8% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 10,112 shares of the company's stock worth $4,524,000 after acquiring an additional 1,229 shares during the last quarter. Harbour Investments Inc. increased its stake in shares of Spotify Technology by 13.3% in the 4th quarter. Harbour Investments Inc. now owns 222 shares of the company's stock worth $99,000 after acquiring an additional 26 shares during the last quarter. Finally, Creative Financial Designs Inc. ADV grew its holdings in shares of Spotify Technology by 680.6% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 281 shares of the company's stock worth $126,000 after purchasing an additional 245 shares during the period. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Trading Down 3.6%

NYSE SPOT traded down $26.01 during mid-day trading on Friday, reaching $694.90. 2,148,528 shares of the company's stock traded hands, compared to its average volume of 2,259,199. The company has a market cap of $142.25 billion, a price-to-earnings ratio of 115.24, a P/E/G ratio of 1.88 and a beta of 1.68. The company has a fifty day simple moving average of $695.14 and a 200-day simple moving average of $608.01. Spotify Technology has a 1-year low of $290.13 and a 1-year high of $785.00.

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SPOT. Robert W. Baird lifted their price objective on Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. JPMorgan Chase & Co. lifted their price target on Spotify Technology from $730.00 to $780.00 and gave the company an "overweight" rating in a research note on Friday, July 11th. Wells Fargo & Company lifted their price target on Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a research note on Friday, March 28th. KeyCorp lifted their price target on Spotify Technology from $640.00 to $860.00 and gave the company an "overweight" rating in a research note on Friday, July 11th. Finally, Evercore ISI boosted their target price on Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a research report on Monday, June 16th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have given a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology presently has an average rating of "Moderate Buy" and a consensus price target of $701.31.

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.