Spotify Technology (NYSE:SPOT) Shares Up 4.5% – Should You Buy?

Spotify Technology (NYSE:SPOT)’s share price traded up 4.5% during trading on Tuesday . The stock traded as high as $516.22 and last traded at $514.4540. 339,595 shares traded hands during trading, a decline of 86% from the average session volume of 2,371,430 shares. The stock had previously closed at $492.47.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of analyst reports. Argus reiterated a “buy” rating and issued a $600.00 price target on shares of Spotify Technology in a research report on Thursday, August 13th. Morgan Stanley boosted their target price on shares of Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Barclays upped their target price on shares of Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Weiss Ratings cut shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Finally, Canaccord Genuity Group cut their price target on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and an average target price of $609.05.

Spotify Technology Stock Up 3.3%

The company has a market cap of $109.81 billion, a P/E ratio of 33.21, a PEG ratio of 1.26 and a beta of 1.58. The firm has a fifty day moving average price of $484.25 and a 200 day moving average price of $484.94.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, August 4th. The company reported $2.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.18). Spotify Technology had a net margin of 18.44% and a return on equity of 41.39%. The business had revenue of $5.45 billion during the quarter, compared to the consensus estimate of $5.47 billion. During the same period in the prior year, the firm earned ($0.42) earnings per share. The business’s quarterly revenue was up 13.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Spotify Technology will post 14.3 earnings per share for the current year.

Insider Activity at Spotify Technology

In related news, Director Thomas O. Staggs sold 5,477 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total value of $2,880,902.00. Following the completion of the transaction, the director owned 3,619 shares in the company, valued at $1,903,594. The trade was a 60.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total value of $18,600,327.40. Following the completion of the transaction, the director 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 116,878 shares of company stock valued at $59,081,110 in the last three months. 0.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Spotify Technology

Hedge funds have recently added to or reduced their stakes in the company. Pin Oak Investment Advisors Inc. acquired a new position in Spotify Technology during the 2nd quarter valued at about $27,000. Portus Wealth Advisors LLC acquired a new stake in shares of Spotify Technology during the 1st quarter worth approximately $32,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Spotify Technology during the 4th quarter worth approximately $32,000. Whipplewood Advisors LLC raised its stake in shares of Spotify Technology by 423.1% during the first quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock worth $33,000 after buying an additional 55 shares during the last quarter. Finally, Palladiem LLC bought a new stake in shares of Spotify Technology during the first quarter worth approximately $34,000. Institutional investors own 84.09% of the company’s stock.

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.