OPTIMAS CAPITAL Ltd Invests $1.69 Million in Spotify Technology S.A. (NYSE:SPOT)

OPTIMAS CAPITAL Ltd acquired a new position in Spotify Technology S.A. (NYSE:SPOT) in the 1st quarter, Holdings Channel.com reports. The firm acquired 6,400 shares of the company’s stock, valued at approximately $1,689,000. Spotify Technology accounts for approximately 1.5% of OPTIMAS CAPITAL Ltd’s portfolio, making the stock its 25th largest holding.

Several other hedge funds and other institutional investors have also recently modified their holdings of SPOT. Wellington Management Group LLP increased its stake in Spotify Technology by 61.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock worth $459,364,000 after buying an additional 1,133,305 shares in the last quarter. Norges Bank bought a new position in shares of Spotify Technology during the 4th quarter valued at about $92,429,000. 1832 Asset Management L.P. bought a new position in shares of Spotify Technology during the 4th quarter valued at about $83,094,000. Citigroup Inc. boosted its holdings in shares of Spotify Technology by 1,037.4% during the 3rd quarter. Citigroup Inc. now owns 386,191 shares of the company’s stock valued at $59,721,000 after purchasing an additional 352,237 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its holdings in shares of Spotify Technology by 327.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock valued at $73,520,000 after purchasing an additional 299,700 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Pivotal Research increased their price objective on shares of Spotify Technology from $390.00 to $400.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Benchmark increased their price objective on shares of Spotify Technology from $325.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Macquarie increased their price objective on shares of Spotify Technology from $300.00 to $330.00 and gave the company an “outperform” rating in a report on Monday, April 22nd. JPMorgan Chase & Co. increased their price target on shares of Spotify Technology from $365.00 to $375.00 and gave the company an “overweight” rating in a report on Tuesday, June 4th. Finally, Raymond James increased their price target on shares of Spotify Technology from $260.00 to $320.00 and gave the company an “outperform” rating in a report on Monday, April 15th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and an average target price of $323.22.

Spotify Technology Stock Performance

SPOT stock traded up $1.29 during trading on Friday, hitting $302.27. 1,244,537 shares of the company’s stock traded hands, compared to its average volume of 1,447,657. The business has a fifty day simple moving average of $308.47 and a two-hundred day simple moving average of $268.63. Spotify Technology S.A. has a 1 year low of $129.23 and a 1 year high of $331.08.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.42. The company had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. During the same period last year, the firm earned ($1.24) earnings per share. On average, sell-side analysts anticipate that Spotify Technology S.A. will post 4.98 EPS for the current fiscal year.

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.