UBS Group Issues Pessimistic Forecast for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its price target decreased by UBS Group from $895.00 to $850.00 in a research report released on Wednesday,Benzinga reports. UBS Group currently has a buy rating on the stock.

A number of other analysts have also recently weighed in on the stock. Bank of America raised their price objective on shares of Spotify Technology from $700.00 to $900.00 and gave the stock a “buy” rating in a report on Thursday, June 26th. Pivotal Research raised their target price on shares of Spotify Technology from $800.00 to $900.00 and gave the stock a “buy” rating in a research report on Tuesday, June 17th. Macquarie lifted their price objective on shares of Spotify Technology from $600.00 to $665.00 and gave the company an “outperform” rating in a research report on Friday, April 25th. KeyCorp lowered their price objective on shares of Spotify Technology from $860.00 to $830.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, Rosenblatt Securities lowered their price objective on shares of Spotify Technology from $703.00 to $679.00 and set a “neutral” rating on the stock in a research report on Wednesday. Nine equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $718.90.

Spotify Technology Trading Up 0.1%

SPOT stock opened at $627.15 on Wednesday. Spotify Technology has a twelve month low of $300.57 and a twelve month high of $785.00. The company’s 50 day moving average is $700.71 and its two-hundred day moving average is $623.58. The stock has a market cap of $128.38 billion, a P/E ratio of 152.22, a PEG ratio of 2.56 and a beta of 1.70.

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

Institutional Investors Weigh In On Spotify Technology

Several institutional investors and hedge funds have recently made changes to their positions in the business. Jennison Associates LLC boosted its position in shares of Spotify Technology by 42.3% in the 1st quarter. Jennison Associates LLC now owns 4,247,940 shares of the company’s stock worth $2,336,494,000 after buying an additional 1,262,614 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Spotify Technology by 3.3% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company’s stock worth $1,939,949,000 after buying an additional 112,553 shares in the last quarter. FMR LLC boosted its position in shares of Spotify Technology by 30.2% in the 4th quarter. FMR LLC now owns 2,041,387 shares of the company’s stock worth $913,276,000 after buying an additional 473,569 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Spotify Technology by 1,151.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company’s stock worth $957,494,000 after buying an additional 1,601,653 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Spotify Technology by 10.3% in the 1st quarter. Northern Trust Corp now owns 1,574,482 shares of the company’s stock worth $866,012,000 after buying an additional 147,580 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other 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.