Spotify Technology S.A. (NYSE:SPOT) is Baillie Gifford & Co.’s 4th Largest Position

Baillie Gifford & Co. cut its stake in Spotify Technology S.A. (NYSE:SPOT) by 3.3% in the third quarter, HoldingsChannel.com reports. The fund owned 15,570,335 shares of the company’s stock after selling 533,624 shares during the period. Spotify Technology accounts for 4.3% of Baillie Gifford & Co.’s holdings, making the stock its 4th biggest position. Baillie Gifford & Co. owned approximately 0.08% of Spotify Technology worth $5,738,136,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Oppenheimer & Co. Inc. purchased a new stake in Spotify Technology during the first quarter valued at $342,000. Atomi Financial Group Inc. bought a new stake in shares of Spotify Technology during the 1st quarter valued at $295,000. Avantax Advisory Services Inc. purchased a new stake in shares of Spotify Technology in the 1st quarter worth $218,000. Bleakley Financial Group LLC raised its holdings in Spotify Technology by 11.4% in the 1st quarter. Bleakley Financial Group LLC now owns 1,727 shares of the company’s stock worth $456,000 after purchasing an additional 177 shares during the period. Finally, Entropy Technologies LP purchased a new position in Spotify Technology during the first quarter valued at $1,127,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Up 2.4 %

Shares of SPOT stock opened at $410.23 on Tuesday. Spotify Technology S.A. has a fifty-two week low of $169.02 and a fifty-two week high of $412.95. The stock’s 50-day simple moving average is $367.88 and its 200-day simple moving average is $333.81. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The firm has a market capitalization of $81.66 billion, a PE ratio of 167.44 and a beta of 1.56.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on SPOT shares. The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $320.00 to $425.00 in a research report on Wednesday, July 24th. Evercore ISI increased their price target on Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Wells Fargo & Company raised their price target on Spotify Technology from $420.00 to $470.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Macquarie lifted their price target on shares of Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Finally, TD Cowen upped their price objective on Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $381.04.

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.