Spotify Technology Target of Unusually Large Options Trading (NYSE:SPOT)

Spotify Technology S.A. (NYSE:SPOT) was the recipient of some unusual options trading activity on Thursday. Investors bought 25,696 call options on the stock. This is an increase of 78% compared to the average daily volume of 14,444 call options.

Institutional Trading of Spotify Technology

Several institutional investors and hedge funds have recently bought and sold shares of SPOT. WCM Investment Management LLC raised its position in shares of Spotify Technology by 18.5% in the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after acquiring an additional 605,755 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in Spotify Technology by 3.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock worth $1,286,969,000 after purchasing an additional 102,786 shares during the period. GQG Partners LLC bought a new position in Spotify Technology in the first quarter worth $610,040,000. State Street Corp lifted its position in Spotify Technology by 1.5% during the third quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after buying an additional 28,864 shares during the period. Finally, FMR LLC boosted its holdings in shares of Spotify Technology by 23.4% during the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after buying an additional 297,035 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Trading Down 4.0 %

NYSE:SPOT traded down $19.18 during mid-day trading on Friday, reaching $458.32. 3,024,154 shares of the company’s stock traded hands, compared to its average volume of 1,936,045. Spotify Technology has a 12-month low of $170.62 and a 12-month high of $489.69. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. The company has a 50 day moving average price of $378.15 and a 200-day moving average price of $337.83. The firm has a market capitalization of $91.23 billion, a price-to-earnings ratio of 124.59 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 20.99%. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.36 earnings per share. On average, sell-side analysts predict that Spotify Technology will post 6.19 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Canaccord Genuity Group upped their price target on shares of Spotify Technology from $475.00 to $525.00 and gave the stock a “buy” rating in a report on Thursday. The Goldman Sachs Group raised their price target on Spotify Technology from $430.00 to $490.00 and gave the company a “buy” rating in a report on Thursday. KeyCorp lifted their price target on Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a research report on Wednesday. Rosenblatt Securities raised their target price on shares of Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Finally, Pivotal Research lifted their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $421.69.

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.