Benchmark Cuts Spotify Technology (NYSE:SPOT) Price Target to $800.00

Spotify Technology (NYSE:SPOT) had its price objective reduced by Benchmark from $840.00 to $800.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also weighed in on SPOT. Deutsche Bank Aktiengesellschaft upped their price target on Spotify Technology from $700.00 to $775.00 and gave the company a “buy” rating in a research report on Wednesday, July 23rd. Phillip Securities raised Spotify Technology to a “moderate sell” rating in a research report on Monday, May 5th. KeyCorp upped their price target on Spotify Technology from $640.00 to $860.00 and gave the company an “overweight” rating in a research report on Friday, July 11th. Pivotal Research upped their price target on Spotify Technology from $800.00 to $900.00 and gave the company a “buy” rating in a research report on Tuesday, June 17th. Finally, Canaccord Genuity Group upped their price target on Spotify Technology from $775.00 to $850.00 and gave the company a “buy” rating in a research report on Wednesday, July 2nd. Nine equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $718.90.

Spotify Technology Stock Up 0.1%

Shares of NYSE SPOT opened at $627.15 on Wednesday. The stock has a market capitalization of $128.38 billion, a price-to-earnings ratio of 152.22, a PEG ratio of 2.56 and a beta of 1.70. The stock’s fifty day simple moving average is $700.71 and its 200 day simple moving average is $623.58. Spotify Technology has a 52-week low of $300.57 and a 52-week high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). The company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The business’s revenue was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.97 earnings per share. As a group, analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Joel Isaacson & Co. LLC raised its stake in shares of Spotify Technology by 1.0% in the 2nd quarter. Joel Isaacson & Co. LLC now owns 1,551 shares of the company’s stock valued at $1,190,000 after acquiring an additional 15 shares in the last quarter. Ignite Planners LLC raised its stake in shares of Spotify Technology by 2.4% in the 2nd quarter. Ignite Planners LLC now owns 637 shares of the company’s stock valued at $489,000 after acquiring an additional 15 shares in the last quarter. Hartford Investment Management Co. raised its stake in shares of Spotify Technology by 1.1% in the 1st quarter. Hartford Investment Management Co. now owns 1,449 shares of the company’s stock valued at $797,000 after acquiring an additional 16 shares in the last quarter. Stonekeep Investments LLC boosted its stake in Spotify Technology by 2.1% during the 2nd quarter. Stonekeep Investments LLC now owns 773 shares of the company’s stock valued at $593,000 after purchasing an additional 16 shares during the period. Finally, Moody National Bank Trust Division grew its holdings in Spotify Technology by 0.5% in the 2nd quarter. Moody National Bank Trust Division now owns 2,931 shares of the company’s stock valued at $2,249,000 after buying an additional 16 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

About Spotify Technology

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.