Sanford C. Bernstein Lowers Spotify Technology (NYSE:SPOT) Price Target to $650.00

Spotify Technology (NYSE:SPOT) had its price objective lowered by investment analysts at Sanford C. Bernstein from $830.00 to $650.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Sanford C. Bernstein’s target price indicates a potential upside of 23.60% from the company’s previous close.

SPOT has been the topic of a number of other reports. Wells Fargo & Company dropped their target price on shares of Spotify Technology from $750.00 to $710.00 and set an “overweight” rating on the stock in a report on Tuesday. Benchmark upped their price target on Spotify Technology from $800.00 to $860.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Cantor Fitzgerald reduced their price objective on Spotify Technology from $675.00 to $615.00 and set a “neutral” rating for the company in a research note on Thursday, January 8th. JPMorgan Chase & Co. boosted their target price on Spotify Technology from $740.00 to $805.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. Finally, UBS Group reduced their target price on Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a report on Friday, January 9th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and a consensus target price of $747.23.

Spotify Technology Price Performance

NYSE:SPOT traded down $8.76 during midday trading on Wednesday, reaching $525.89. 289,508 shares of the company traded hands, compared to its average volume of 2,156,271. The firm has a market capitalization of $108.27 billion, a price-to-earnings ratio of 82.64, a price-to-earnings-growth ratio of 0.95 and a beta of 1.66. The company has a fifty day moving average price of $589.01 and a 200 day moving average price of $656.04. Spotify Technology has a twelve month low of $475.01 and a twelve month high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.87 by $1.96. The business had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.23 billion. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The business’s revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.45 earnings per share. On average, equities research analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SPOT. State Street Corp lifted its position in shares of Spotify Technology by 1.1% during the 3rd quarter. State Street Corp now owns 4,622,298 shares of the company’s stock worth $3,226,364,000 after purchasing an additional 48,070 shares during the last quarter. Capital World Investors lifted its holdings in shares of Spotify Technology by 40.7% during the third quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock worth $1,906,260,000 after buying an additional 789,755 shares during the last quarter. Fisher Asset Management LLC boosted its position in shares of Spotify Technology by 4.6% in the third quarter. Fisher Asset Management LLC now owns 2,602,625 shares of the company’s stock valued at $1,816,632,000 after acquiring an additional 113,612 shares during the period. Coatue Management LLC grew its stake in shares of Spotify Technology by 13.3% in the third quarter. Coatue Management LLC now owns 1,803,173 shares of the company’s stock worth $1,258,615,000 after acquiring an additional 212,006 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Spotify Technology by 3.3% during the second quarter. Geode Capital Management LLC now owns 1,568,502 shares of the company’s stock worth $1,192,730,000 after acquiring an additional 49,377 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Company Profile

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.