Spotify Technology (NYSE:SPOT) Stock Has Consensus Target Price of $620.07

Spotify Technology (NYSE:SPOT) has earned an average rating of “Moderate Buy” from the thirty-three ratings firms that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, nine have assigned a hold recommendation and twenty-three have issued a buy recommendation on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $620.07.

A number of analysts recently commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of Spotify Technology from $650.00 to $700.00 and gave the company an “overweight” rating in a research report on Friday, October 23rd. Morgan Stanley lifted their target price on Spotify Technology from $640.00 to $700.00 and gave the stock an “overweight” rating in a report on Friday, October 23rd. Oppenheimer boosted their target price on Spotify Technology from $550.00 to $650.00 and gave the company an “outperform” rating in a research note on Friday, October 23rd. Citizens Jmp restated a “market outperform” rating and issued a $625.00 price target on shares of Spotify Technology in a report on Friday, October 23rd. Finally, Cantor Fitzgerald increased their price target on Spotify Technology from $490.00 to $550.00 and gave the stock a “neutral” rating in a report on Friday, October 23rd.

Spotify Technology Trading Down 1.9%

Shares of SPOT opened at $602.71 on Friday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $668.49. The stock has a market cap of $124.09 billion, a P/E ratio of 39.96, a price-to-earnings-growth ratio of 1.87 and a beta of 1.49. The stock’s 50-day moving average price is $537.42 and its two-hundred day moving average price is $500.48.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Thursday, October 22nd. The company reported $2.81 EPS for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.37). The company had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $5.64 billion. Spotify Technology had a net margin of 15.74% and a return on equity of 35.64%. The business’s revenue was up 16.3% compared to the same quarter last year. During the same period last year, the company earned $3.28 earnings per share. As a group, equities analysts forecast that Spotify Technology will post 13.66 EPS for the current year.

Insider Buying and Selling

In other Spotify Technology news, CEO Gustav Söderström sold 20,910 shares of the firm’s stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $530.13, for a total transaction of $11,085,018.30. Following the sale, the chief executive officer directly owned 19,908 shares in the company, valued at approximately $10,553,828.04. This trade represents a 51.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Spotify Technology

Several large investors have recently made changes to their positions in SPOT. Joel Isaacson & Co. LLC grew its position in Spotify Technology by 1.0% in the 3rd quarter. Joel Isaacson & Co. LLC now owns 1,747 shares of the company’s stock valued at $851,000 after acquiring an additional 18 shares in the last quarter. Fairscale Capital LLC increased its stake in Spotify Technology by 35.2% during the third quarter. Fairscale Capital LLC now owns 73 shares of the company’s stock worth $36,000 after purchasing an additional 19 shares during the period. Tsfg LLC lifted its position in shares of Spotify Technology by 39.7% during the second quarter. Tsfg LLC now owns 81 shares of the company’s stock worth $37,000 after purchasing an additional 23 shares in the last quarter. Carl P. Sherr & Co. LLC lifted its position in shares of Spotify Technology by 0.7% during the first quarter. Carl P. Sherr & Co. LLC now owns 4,138 shares of the company’s stock worth $2,007,000 after purchasing an additional 27 shares in the last quarter. Finally, Frank Rimerman Advisors LLC boosted its stake in shares of Spotify Technology by 2.8% in the third quarter. Frank Rimerman Advisors LLC now owns 1,066 shares of the company’s stock valued at $520,000 after purchasing an additional 29 shares during the period. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Company Profile

Spotify Technology operates a digital audio streaming platform offering music, podcasts and audiobooks. Listeners can use the service through a free, advertising-supported option or paid subscriptions, with features for discovering, organizing and sharing audio content.

Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon, Spotify launched its streaming service in 2008. The company serves listeners and creators in markets around the world and provides tools and services for artists, podcasters, authors and other content partners.

Spotify is headquartered in Luxembourg, with major operations in Sweden and other countries.