Spotify Technology S.A. (NYSE:SPOT) is Acadian Asset Management LLC’s 9th Largest Position

Acadian Asset Management LLC trimmed its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 10.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,623,404 shares of the company’s stock after selling 190,679 shares during the period. Spotify Technology comprises 1.6% of Acadian Asset Management LLC’s portfolio, making the stock its 9th largest position. Acadian Asset Management LLC’s holdings in Spotify Technology were worth $509,354,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Larson Financial Group LLC boosted its holdings in Spotify Technology by 86.0% in the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock valued at $25,000 after acquiring an additional 43 shares in the last quarter. Transcendent Capital Group LLC bought a new stake in shares of Spotify Technology during the 2nd quarter valued at about $25,000. Mather Group LLC. increased its position in shares of Spotify Technology by 9,900.0% during the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after buying an additional 99 shares during the period. FinTrust Capital Advisors LLC raised its stake in Spotify Technology by 400.0% in the first quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock worth $33,000 after buying an additional 100 shares in the last quarter. Finally, Asset Dedication LLC bought a new position in Spotify Technology in the second quarter worth about $35,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on SPOT shares. Barclays raised their target price on Spotify Technology from $350.00 to $360.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Jefferies Financial Group reissued a “buy” rating and set a $385.00 price objective (up previously from $242.00) on shares of Spotify Technology in a research report on Thursday, July 11th. KeyCorp boosted their target price on shares of Spotify Technology from $400.00 to $410.00 and gave the company an “overweight” rating in a report on Wednesday, July 10th. Macquarie increased their price target 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. Finally, Benchmark reissued a “buy” rating and set a $405.00 price target on shares of Spotify Technology in a research report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $356.38.

Spotify Technology Stock Down 1.8 %

Spotify Technology stock opened at $322.77 on Friday. Spotify Technology S.A. has a one year low of $145.76 and a one year high of $359.38. The stock has a fifty day moving average of $325.42 and a 200 day moving average of $301.48. 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 stock has a market cap of $64.25 billion, a PE ratio of -481.74 and a beta of 1.57.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.08 by $0.25. The firm had revenue of $3.81 billion during the quarter, compared to analyst estimates of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The business’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.69) EPS. As a group, sell-side analysts predict that Spotify Technology S.A. will post 6.37 EPS for the current year.

Spotify Technology Company 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.