American Century Companies Inc. Raises Stake in Spotify Technology (NYSE:SPOT)

Key Points

• American Century Companies Inc. increased its stake in Spotify Technology by 40.7%, owning approximately 332,512 shares worth $182.89 million after acquiring an additional 96,152 shares in Q1.
• Several hedge funds also raised their positions in Spotify, with notable increases including 165.9% by United Capital Financial Advisors LLC and 16.3% by Guggenheim Capital LLC during the previous quarter.
• Spotify's recent earnings miss, reporting ($0.42) EPS against a consensus estimate of $2.00, highlighted a revenue of $4.94 billion for the quarter, which surpassed analysts' expectations.

American Century Companies Inc. boosted its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 40.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 332,512 shares of the company's stock after purchasing an additional 96,152 shares during the period. American Century Companies Inc. owned approximately 0.16% of Spotify Technology worth $182,892,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in SPOT. Mariner LLC boosted its holdings in shares of Spotify Technology by 6.4% in the fourth quarter. Mariner LLC now owns 16,362 shares of the company's stock valued at $7,320,000 after acquiring an additional 979 shares in the last quarter. Guggenheim Capital LLC boosted its holdings in shares of Spotify Technology by 16.3% in the fourth quarter. Guggenheim Capital LLC now owns 16,133 shares of the company's stock valued at $7,218,000 after acquiring an additional 2,263 shares in the last quarter. United Capital Financial Advisors LLC boosted its holdings in shares of Spotify Technology by 165.9% in the fourth quarter. United Capital Financial Advisors LLC now owns 6,058 shares of the company's stock valued at $2,710,000 after acquiring an additional 3,780 shares in the last quarter. Insigneo Advisory Services LLC boosted its holdings in shares of Spotify Technology by 10.5% in the fourth quarter. Insigneo Advisory Services LLC now owns 1,053 shares of the company's stock valued at $471,000 after acquiring an additional 100 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in shares of Spotify Technology by 37.4% in the fourth quarter. NewEdge Advisors LLC now owns 9,199 shares of the company's stock valued at $4,115,000 after acquiring an additional 2,505 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SPOT. Evercore ISI lifted their target price on shares of Spotify Technology from $650.00 to $750.00 and gave the company an "outperform" rating in a report on Monday, June 16th. Loop Capital lifted their target price on shares of Spotify Technology from $435.00 to $550.00 and gave the company a "hold" rating in a report on Friday, May 2nd. Phillip Securities raised shares of Spotify Technology from a "moderate sell" rating to a "hold" rating in a report on Monday, August 4th. Macquarie lifted their target price on shares of Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a report on Friday, April 25th. Finally, Rosenblatt Securities lowered their target price on shares of Spotify Technology from $703.00 to $679.00 and set a "neutral" rating on the stock in a report on Wednesday, July 30th. Ten investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $718.90.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $731.74 on Friday. Spotify Technology has a 12-month low of $319.07 and a 12-month high of $785.00. The company has a market capitalization of $149.79 billion, a PE ratio of 177.61, a price-to-earnings-growth ratio of 3.02 and a beta of 1.69. The firm's 50-day moving average is $703.27 and its two-hundred day moving average is $636.56.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of $2.00 by ($2.42). Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The business had revenue of $4.94 billion during the quarter, compared to analysts' expectations of $4.29 billion. During the same period last year, the company earned $1.33 EPS. The firm's revenue for the quarter was up 10.1% on a year-over-year basis. On average, analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal 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.

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