Rosenblatt Securities Lowers Spotify Technology (NYSE:SPOT) Price Target to $531.00

Spotify Technology (NYSE:SPOT) had its price objective cut by stock analysts at Rosenblatt Securities from $534.00 to $531.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Rosenblatt Securities’ price target suggests a potential upside of 9.31% from the stock’s previous close.

SPOT has been the topic of a number of other research reports. Cantor Fitzgerald boosted 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. Morgan Stanley raised their price target on Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Barclays lifted their price target on Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. JPMorgan Chase & Co. increased their price objective on Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Finally, The Goldman Sachs Group cut their target price on Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $640.46.

Spotify Technology Stock Down 1.7%

SPOT opened at $485.78 on Thursday. The company has a market capitalization of $100.01 billion, a price-to-earnings ratio of 38.71, a PEG ratio of 1.21 and a beta of 1.56. The firm has a 50-day moving average price of $469.36 and a 200-day moving average price of $496.11. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $748.30.

Spotify Technology (NYSE:SPOT) last announced its quarterly 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. The company had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. Spotify Technology’s revenue was up 8.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.07 EPS. On average, sell-side analysts expect that Spotify Technology will post 14.62 earnings per share for the current fiscal year.

Insider Buying and Selling at Spotify Technology

In other Spotify Technology news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the company’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $525.73, for a total value of $18,600,327.40. Following the transaction, the director directly owned 6,383 shares in the company, valued at $3,355,734.59. This represents a 84.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas O. Staggs sold 5,477 shares of the firm’s stock in a transaction dated 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 sale, the director directly owned 3,619 shares in the company, valued at approximately $1,903,594. The trade was a 60.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 111,442 shares of company stock valued at $54,757,553 over the last 90 days. Insiders own 0.40% of the company’s stock.

Institutional Trading of Spotify Technology

A number of hedge funds have recently made changes to their positions in SPOT. KERR FINANCIAL PLANNING Corp purchased a new position in Spotify Technology in the third quarter worth $26,000. Portus Wealth Advisors LLC bought a new stake in Spotify Technology during the first quarter worth about $32,000. Kemnay Advisory Services Inc. bought a new stake in Spotify Technology during the fourth quarter worth about $32,000. Whipplewood Advisors LLC boosted its holdings in shares of Spotify Technology by 423.1% in the 1st quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock worth $33,000 after purchasing an additional 55 shares in the last quarter. Finally, Palladiem LLC bought a new position in shares of Spotify Technology during the 1st quarter valued at about $34,000. 84.09% of the stock is owned by institutional investors.

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.