Optas LLC Acquires New Position in Spotify Technology S.A. (NYSE:SPOT)

Optas LLC bought a new position in Spotify Technology S.A. (NYSE:SPOT) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 551 shares of the company’s stock, valued at approximately $247,000.

A number of other institutional investors also recently modified their holdings of SPOT. The Manufacturers Life Insurance Company lifted its holdings in shares of Spotify Technology by 5.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,892 shares of the company’s stock valued at $594,000 after buying an additional 94 shares during the last quarter. Algert Global LLC lifted its stake in Spotify Technology by 46.8% in the second quarter. Algert Global LLC now owns 1,494 shares of the company’s stock valued at $469,000 after acquiring an additional 476 shares during the last quarter. Cetera Investment Advisers grew its position in Spotify Technology by 58.0% in the second quarter. Cetera Investment Advisers now owns 21,064 shares of the company’s stock worth $6,610,000 after acquiring an additional 7,732 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in Spotify Technology in the second quarter worth approximately $2,074,000. Finally, GAMMA Investing LLC increased its stake in shares of Spotify Technology by 35.9% during the 3rd quarter. GAMMA Investing LLC now owns 677 shares of the company’s stock worth $249,000 after purchasing an additional 179 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Up 13.4 %

NYSE SPOT opened at $622.69 on Wednesday. The stock has a market cap of $123.95 billion, a P/E ratio of 169.21 and a beta of 1.63. Spotify Technology S.A. has a twelve month low of $219.36 and a twelve month high of $623.40. The company’s 50-day simple moving average is $482.11 and its 200 day simple moving average is $407.08.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The company’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.36 earnings per share. Research analysts anticipate that Spotify Technology S.A. will post 5.91 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Barclays lifted their price objective on shares of Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Piper Sandler increased their price objective on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Bank of America raised their price objective on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. TD Cowen upped their target price on Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. Finally, Wells Fargo & Company lifted their price target on shares of Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $451.39.

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.