Spotify Technology S.A. (NYSE:SPOT) Holdings Trimmed by Acadian Asset Management LLC

Acadian Asset Management LLC decreased its position in Spotify Technology S.A. (NYSE:SPOT) by 10.5% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,623,404 shares of the company’s stock after selling 190,679 shares during the period. Spotify Technology accounts for 1.6% of Acadian Asset Management LLC’s investment portfolio, making the stock its 9th biggest holding. Acadian Asset Management LLC owned 0.82% of Spotify Technology worth $509,354,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of SPOT. GQG Partners LLC purchased a new position in shares of Spotify Technology in the 1st quarter worth about $610,040,000. Swedbank AB bought a new stake in Spotify Technology in the first quarter worth about $198,663,000. Norges Bank purchased a new position in Spotify Technology in the fourth quarter valued at about $92,429,000. 1832 Asset Management L.P. bought a new position in shares of Spotify Technology during the 4th quarter valued at approximately $83,094,000. Finally, Envestnet Asset Management Inc. increased its stake in shares of Spotify Technology by 327.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock worth $73,520,000 after purchasing an additional 299,700 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on SPOT. Cantor Fitzgerald began coverage on Spotify Technology in a research report on Thursday. They issued a “neutral” rating and a $340.00 target price for the company. Bank of America upped their price objective on shares of Spotify Technology from $370.00 to $380.00 and gave the company a “buy” rating in a report on Tuesday, July 2nd. Macquarie lifted their target price on shares of Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Redburn Atlantic restated a “sell” rating and set a $230.00 price target on shares of Spotify Technology in a research note on Wednesday, July 10th. Finally, TD Cowen boosted their target price on shares of Spotify Technology from $273.00 to $356.00 and gave the company a “hold” rating in a report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $356.38.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $322.77 on Friday. The firm has a market capitalization of $64.25 billion, a PE ratio of -481.74 and a beta of 1.57. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. Spotify Technology S.A. has a 12 month low of $145.76 and a 12 month high of $359.38. The business’s 50-day moving average price is $325.42 and its 200-day moving average price is $301.48.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The business had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. During the same period last year, the business earned ($1.69) earnings per share. The business’s quarterly revenue was up 19.8% on a year-over-year basis. Sell-side analysts forecast that Spotify Technology S.A. will post 6.37 EPS for the current fiscal year.

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.