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

Spotify Technology S.A. (NYSE:SPOT) saw unusually large options trading on Friday. Stock investors bought 21,528 call options on the company. This is an increase of approximately 44% compared to the average daily volume of 14,922 call options.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $642.77 on Friday. The company has a market capitalization of $131.58 billion, a P/E ratio of 108.03 and a beta of 1.75. The company has a 50 day simple moving average of $570.40 and a 200-day simple moving average of $514.59. Spotify Technology has a 1 year low of $286.21 and a 1 year high of $653.32.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The business had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same period last year, the business earned $0.97 EPS. Spotify Technology’s revenue was up 15.2% compared to the same quarter last year. As a group, research analysts expect that Spotify Technology will post 10.3 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SPOT. Forum Financial Management LP raised its position in Spotify Technology by 15.5% in the first quarter. Forum Financial Management LP now owns 1,210 shares of the company’s stock valued at $666,000 after purchasing an additional 162 shares during the period. Verdence Capital Advisors LLC acquired a new position in Spotify Technology in the 1st quarter valued at about $207,000. Cable Hill Partners LLC increased its stake in Spotify Technology by 54.1% during the first quarter. Cable Hill Partners LLC now owns 1,177 shares of the company’s stock worth $647,000 after purchasing an additional 413 shares during the period. Victory Capital Management Inc. lifted its position in shares of Spotify Technology by 44.0% during the first quarter. Victory Capital Management Inc. now owns 64,258 shares of the company’s stock worth $35,344,000 after purchasing an additional 19,647 shares in the last quarter. Finally, Bridgewater Advisors Inc. purchased a new position in shares of Spotify Technology in the first quarter valued at approximately $409,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

SPOT has been the subject of a number of recent research reports. Evercore ISI reduced their price target on shares of Spotify Technology from $700.00 to $650.00 and set an “outperform” rating for the company in a research report on Wednesday. JPMorgan Chase & Co. raised their target price on shares of Spotify Technology from $640.00 to $670.00 and gave the stock an “overweight” rating in a report on Wednesday. Loop Capital increased their price target on Spotify Technology from $435.00 to $550.00 and gave the stock a “hold” rating in a research report on Friday. Rosenblatt Securities dropped their target price on Spotify Technology from $658.00 to $657.00 and set a “neutral” rating on the stock in a report on Wednesday. Finally, Canaccord Genuity Group lifted their price target on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Eight research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average target price of $604.76.

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.