Spotify Technology (NYSE:SPOT) Lowered to Hold Rating by Wall Street Zen

Wall Street Zen downgraded shares of Spotify Technology (NYSE:SPOT) from a buy rating to a hold rating in a research note released on Saturday.

Other equities research analysts also recently issued reports about the stock. Canaccord Genuity Group lowered 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. The Goldman Sachs Group reduced their price objective on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Citizens Jmp lifted their target price on shares of Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research note on Friday, May 22nd. Pivotal Research cut their price target on Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a report on Wednesday, April 29th. Finally, Weiss Ratings lowered Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $630.70.

Spotify Technology Stock Up 3.0%

Shares of NYSE:SPOT opened at $483.27 on Friday. The company has a market capitalization of $99.49 billion, a P/E ratio of 38.51, a P/E/G ratio of 1.19 and a beta of 1.56. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $748.30. The stock’s fifty day simple moving average is $481.62 and its 200-day simple moving average is $488.36.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The firm had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter last year, the business posted $1.07 EPS. The firm’s quarterly revenue was up 8.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Spotify Technology will post 14.51 earnings per share for the current year.

Insiders Place Their Bets

In other Spotify Technology news, Director Thomas O. Staggs sold 5,477 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the transaction, the director owned 3,619 shares of the company’s stock, valued at $1,903,594. This trade represents a 60.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Christopher P. Marshall sold 2,650 shares of Spotify Technology stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the transaction, the director owned 4,039 shares in the company, valued at approximately $2,099,714.54. This trade represents a 39.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 111,442 shares of company stock valued at $54,757,553. 0.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Northside Capital Management LLC acquired a new stake in Spotify Technology during the second quarter worth about $523,000. Wasatch Advisors LP lifted its stake in shares of Spotify Technology by 7.2% in the 2nd quarter. Wasatch Advisors LP now owns 1,054 shares of the company’s stock valued at $484,000 after purchasing an additional 71 shares in the last quarter. Community Financial Services Group LLC purchased a new stake in shares of Spotify Technology during the 2nd quarter worth about $52,000. Arista Wealth Management LLC increased its position in Spotify Technology by 62.0% during the 2nd quarter. Arista Wealth Management LLC now owns 2,439 shares of the company’s stock worth $1,120,000 after purchasing an additional 933 shares in the last quarter. Finally, Valeo Financial Advisors LLC increased its position in Spotify Technology by 77.6% during the 2nd quarter. Valeo Financial Advisors LLC now owns 1,387 shares of the company’s stock worth $637,000 after purchasing an additional 606 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Trending Headlines about Spotify Technology

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

About Spotify Technology

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.