American Century Companies Inc. Sells 399,102 Shares of Spotify Technology S.A. (NYSE:SPOT)

American Century Companies Inc. decreased its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 63.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 234,782 shares of the company’s stock after selling 399,102 shares during the period. American Century Companies Inc. owned approximately 0.12% of Spotify Technology worth $73,672,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Private Advisor Group LLC grew its holdings in shares of Spotify Technology by 5.7% during the fourth quarter. Private Advisor Group LLC now owns 1,397 shares of the company’s stock worth $263,000 after purchasing an additional 75 shares in the last quarter. Principal Securities Inc. purchased a new position in Spotify Technology in the 4th quarter worth approximately $71,000. Dimensional Fund Advisors LP increased its holdings in shares of Spotify Technology by 1.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 261,508 shares of the company’s stock worth $49,142,000 after buying an additional 4,352 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its position in shares of Spotify Technology by 43.0% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 3,672 shares of the company’s stock valued at $690,000 after buying an additional 1,104 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of Spotify Technology by 212.6% during the 4th quarter. Principal Financial Group Inc. now owns 54,157 shares of the company’s stock worth $10,177,000 after acquiring an additional 36,835 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $337.90 on Friday. The company has a 50 day simple moving average of $327.16 and a two-hundred day simple moving average of $304.31. Spotify Technology S.A. has a fifty-two week low of $145.76 and a fifty-two week high of $359.38. The company has a market capitalization of $67.26 billion, a price-to-earnings ratio of -504.32 and a beta of 1.57. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. The business had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The firm’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.69) earnings per share. Analysts expect that Spotify Technology S.A. will post 6.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Guggenheim raised their price target on Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Rosenblatt Securities boosted their target price on Spotify Technology from $396.00 to $399.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Morgan Stanley increased their price target on shares of Spotify Technology from $370.00 to $400.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Cantor Fitzgerald began coverage on shares of Spotify Technology in a report on Thursday, September 5th. They issued a “neutral” rating and a $340.00 price objective for the company. Finally, Macquarie upped their price objective on shares of Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $356.38.

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.