Spotify Technology (NYSE:SPOT) Stock Price Target Lowered at KeyCorp

Spotify Technology (NYSE:SPOT) had its target price reduced by equities research analysts at KeyCorp from $680.00 to $660.00 in a report released on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. KeyCorp’s target price indicates a potential upside of 35.28% from the company’s previous close.

Several other brokerages also recently commented on SPOT. Wall Street Zen downgraded Spotify Technology from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Rosenblatt Securities decreased their price target on Spotify Technology from $531.00 to $527.00 and set a “neutral” rating for the company in a research note on Wednesday, August 5th. Argus reaffirmed a “buy” rating and set a $600.00 price target on shares of Spotify Technology in a report on Thursday, August 13th. Weiss Ratings raised Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, August 26th. Finally, UBS Group reduced their price objective on Spotify Technology from $735.00 to $690.00 and set a “buy” rating for the company in a report on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $593.50.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $487.88 on Thursday. The company has a market capitalization of $100.44 billion, a price-to-earnings ratio of 30.38, a price-to-earnings-growth ratio of 1.51 and a beta of 1.59. Spotify Technology has a one year low of $405.00 and a one year high of $721.67. The company’s 50-day moving average is $517.64 and its 200 day moving average is $494.11.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $3.03 EPS for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.13). Spotify Technology had a net margin of 18.44% and a return on equity of 41.39%. The firm had revenue of $5.45 billion for the quarter, compared to analysts’ expectations of $5.47 billion. During the same quarter in the previous year, the company earned ($0.42) EPS. The company’s quarterly revenue was up 13.9% compared to the same quarter last year. As a group, research analysts predict that Spotify Technology will post 13.85 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Spotify Technology

Several large investors have recently made changes to their positions in SPOT. Pin Oak Investment Advisors Inc. purchased a new position in shares of Spotify Technology in the second quarter valued at $27,000. Portus Wealth Advisors LLC purchased a new position in Spotify Technology in the first quarter worth about $32,000. Whipplewood Advisors LLC raised its position in Spotify Technology by 423.1% during the first quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock valued at $33,000 after purchasing an additional 55 shares during the period. Palladiem LLC purchased a new position in shares of Spotify Technology in the 1st quarter worth approximately $34,000. Finally, Osbon Capital Management LLC bought a new position in shares of Spotify Technology during the 4th quarter valued at approximately $35,000. 84.09% of the stock is owned by institutional investors.

Spotify Technology Company Profile

Spotify Technology SA is a global audio streaming company that operates the Spotify platform. The service provides users with access to a broad catalog of music, podcasts and audiobooks, along with personalized recommendations, playlists and other discovery features.

Spotify offers a subscription-based Premium service with enhanced listening features, as well as an ad-supported service available at no direct cost to users. The company generates revenue primarily through Premium subscriptions and advertising, including audio, video and display advertising delivered across its platform.

Founded in 2006 by Daniel Ek and Martin Lorentzon, Spotify is headquartered in Stockholm, Sweden, and serves listeners, creators, advertisers and other partners across markets worldwide.