Opal Wealth Advisors LLC Makes New $152,000 Investment in Spotify Technology S.A. (NYSE:SPOT)

Opal Wealth Advisors LLC purchased a new position in shares of Spotify Technology S.A. (NYSE:SPOT) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 276 shares of the company’s stock, valued at approximately $152,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Mpwm Advisory Solutions LLC acquired a new position in shares of Spotify Technology during the fourth quarter worth approximately $26,000. Hillsdale Investment Management Inc. acquired a new position in shares of Spotify Technology during the fourth quarter worth approximately $27,000. Copia Wealth Management acquired a new position in shares of Spotify Technology during the fourth quarter worth approximately $29,000. Thurston Springer Miller Herd & Titak Inc. raised its position in shares of Spotify Technology by 209.1% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 68 shares of the company’s stock worth $37,000 after purchasing an additional 46 shares during the period. Finally, CVA Family Office LLC raised its position in shares of Spotify Technology by 35.1% during the first quarter. CVA Family Office LLC now owns 100 shares of the company’s stock worth $55,000 after purchasing an additional 26 shares during the period. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $710.53 on Friday. The firm has a market cap of $145.45 billion, a PE ratio of 119.42 and a beta of 1.68. Spotify Technology S.A. has a 1 year low of $288.07 and a 1 year high of $717.87. The stock has a fifty day moving average price of $629.98 and a 200-day moving average price of $566.76.

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

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Sanford C. Bernstein raised Spotify Technology to a “strong-buy” rating in a research report on Tuesday, June 3rd. Evercore ISI lowered their target price on Spotify Technology from $700.00 to $650.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. Wolfe Research raised Spotify Technology from a “peer perform” rating to an “outperform” rating and set a $660.00 target price on the stock in a research report on Monday, April 21st. Wells Fargo & Company increased their price target on Spotify Technology from $690.00 to $740.00 and gave the company an “overweight” rating in a research report on Friday, March 28th. Finally, Loop Capital increased their price target on Spotify Technology from $435.00 to $550.00 and gave the company a “hold” rating in a research report on Friday, May 2nd. Eight investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $611.14.

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.