Brokerages Set Spotify Technology (NYSE:SPOT) Price Target at $630.70

Shares of Spotify Technology (NYSE:SPOT) have earned a consensus rating of “Moderate Buy” from the twenty-six analysts that are covering the company, MarketBeat.com reports. Six investment analysts have rated the stock with a hold recommendation, eighteen have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $630.6957.

A number of brokerages have recently commented on SPOT. Cantor Fitzgerald lifted their target price on shares of Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a report on Tuesday, May 26th. Canaccord Genuity Group decreased their price target on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Benchmark dropped their price target on Spotify Technology from $695.00 to $650.00 and set a “buy” rating on the stock in a research report on Wednesday, July 22nd. Wall Street Zen downgraded Spotify Technology from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Barclays increased their price objective on Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd.

Insider Buying and Selling at Spotify Technology

In other news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the transaction, the director directly owned 6,383 shares in the company, valued at $3,355,734.59. The trade was a 84.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Gustav Soderstrom sold 20,833 shares of the stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $430.72, for a total transaction of $8,973,189.76. Following the transaction, the chief executive officer directly owned 20,492 shares of the company’s stock, valued at $8,826,314.24. This represents a 50.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 111,442 shares of company stock valued at $54,757,553. Insiders own 0.40% of the company’s stock.

Hedge Funds Weigh In On Spotify Technology

Hedge funds have recently bought and sold shares of the company. State Street Corp boosted its position in shares of Spotify Technology by 1.9% in the 4th quarter. State Street Corp now owns 4,712,249 shares of the company’s stock worth $2,736,450,000 after buying an additional 89,951 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Spotify Technology by 4.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company’s stock valued at $2,247,042,000 after purchasing an additional 149,479 shares during the last quarter. Capital World Investors increased its stake in shares of Spotify Technology by 4.9% during the 4th quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock worth $1,663,024,000 after purchasing an additional 133,108 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of Spotify Technology by 2.4% during the 4th quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock worth $1,547,890,000 after purchasing an additional 62,887 shares in the last quarter. Finally, Coatue Management LLC raised its position in shares of Spotify Technology by 35.9% during the 4th quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock worth $1,423,251,000 after purchasing an additional 647,708 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

More Spotify Technology News

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: Several recent articles frame Spotify as a potentially attractive value or buy candidate compared with peers, which can support sentiment around the stock. XYZ or SPOT: Which Is the Better Value Stock Right Now?
• Positive Sentiment: Spotify is being highlighted as a trending stock with strong analyst interest, reinforcing the idea that Wall Street remains broadly constructive on the name. Is It Worth Investing in Spotify (SPOT) Based on Wall Street’s Bullish Views?
• Neutral Sentiment: Benchmark reportedly lowered its expectations for Spotify, which could temper enthusiasm but does not appear severe enough on its own to dominate trading. Benchmark Has Lowered Expectations for Spotify Technology (NYSE:SPOT) Stock Price
• Negative Sentiment: A report that Spotify deleted more than 500,000 fake streams tied to Malcolm Todd has raised fraud and integrity concerns, which could be viewed as a reputational headwind for the platform. EXCLUSIVE: Spotify Deleted 500,000 Fake Malcolm Todd Streams. A Former SEC Lawyer Says the Bots May Have Committed a Federal Crime

Spotify Technology Stock Up 0.1%

SPOT stock opened at $483.27 on Friday. The business has a 50 day moving average price of $481.62 and a 200 day moving average price of $487.62. The stock has a market cap of $99.49 billion, a price-to-earnings ratio of 38.51, a PEG ratio of 1.19 and a beta of 1.56. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $748.30.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The firm had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. During the same period last year, the firm posted $1.07 EPS. The company’s revenue was up 8.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Spotify Technology will post 14.51 EPS for the current year.

Spotify Technology Company Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.