Spotify Technology (NYSE:SPOT) Receives $609.05 Average Price Target from Brokerages

Spotify Technology (NYSE:SPOT) has been assigned an average rating of “Moderate Buy” from the twenty-four brokerages that are presently covering the company, Marketbeat.com reports. Six analysts have rated the stock with a hold recommendation, seventeen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $594.50.

Several equities research analysts have recently commented on SPOT shares. Rosenblatt Securities lowered their price objective on shares of Spotify Technology from $531.00 to $527.00 and set a “neutral” rating for the company in a research note on Wednesday, August 5th. Morgan Stanley upped their target price on Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Weiss Ratings upgraded Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, August 26th. Citizens Jmp lifted their price target on Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research report on Friday, May 22nd. Finally, Barclays boosted their price target on Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $546.88 on Friday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $745.00. The firm has a market capitalization of $112.59 billion, a price-to-earnings ratio of 34.05, a PEG ratio of 1.64 and a beta of 1.59. The stock’s 50-day simple moving average is $512.83 and its 200-day simple moving average is $495.71.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $3.03 EPS for the quarter, missing the consensus estimate of $3.16 by ($0.13). The company had revenue of $5.45 billion during the quarter, compared to analysts’ expectations of $5.47 billion. Spotify Technology had a net margin of 18.44% and a return on equity of 41.39%. The business’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.42) earnings per share. As a group, equities analysts forecast that Spotify Technology will post 14.29 earnings per share for the current year.

Insider Transactions at Spotify Technology

In related news, CEO Alex Norström sold 5,436 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $502.10, for a total value of $2,729,415.60. Following the sale, the chief executive officer owned 66,773 shares in the company, valued at $33,526,723.30. This represents a 7.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gustav Söderström sold 20,913 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $544.19, for a total value of $11,380,645.47. Following the completion of the sale, the chief executive officer owned 20,025 shares in the company, valued at approximately $10,897,404.75. This represents a 51.08% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 73,451 shares of company stock valued at $37,258,896 in the last ninety days. Corporate insiders own 0.40% of the company’s stock.

Institutional Trading of Spotify Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Capital World Investors boosted its holdings in Spotify Technology by 4.9% in the fourth quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock valued at $1,663,024,000 after purchasing an additional 133,108 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Spotify Technology by 2.4% in the 4th quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock valued at $1,547,890,000 after buying an additional 62,887 shares during the period. Geode Capital Management LLC boosted its stake in shares of Spotify Technology by 5.7% in the fourth quarter. Geode Capital Management LLC now owns 1,720,259 shares of the company’s stock worth $991,223,000 after buying an additional 93,274 shares during the last quarter. Deutsche Bank AG boosted its stake in shares of Spotify Technology by 15.7% in the fourth quarter. Deutsche Bank AG now owns 1,485,921 shares of the company’s stock worth $862,889,000 after buying an additional 201,080 shares during the last quarter. Finally, Forsta AP Fonden grew its holdings in Spotify Technology by 1.2% during the fourth quarter. Forsta AP Fonden now owns 1,474,412 shares of the company’s stock worth $856,206,000 after acquiring an additional 18,160 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Company Profile

Spotify Technology SA is a Luxembourg-based audio streaming company that operates the Spotify platform. The service gives users access to a broad catalog of music, podcasts and audiobooks, with features for searching, discovering, creating and sharing audio content across connected devices.

Spotify offers an ad-supported service at no subscription cost and paid Premium plans that provide additional features, including ad-free listening and offline playback. The company generates revenue primarily through subscriptions and advertising, while working with music labels, publishers, podcast creators and other rights holders to distribute content.

Founded in Stockholm in 2006 by Daniel Ek and Martin Lorentzon, Spotify launched its streaming service in 2008.