Brokerages Set Spotify Technology (NYSE:SPOT) Price Target at $655.92

Spotify Technology (NYSE:SPOT) has been assigned a consensus recommendation of “Moderate Buy” from the twenty-nine research firms that are currently covering the stock, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation, twenty-one have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $655.9231.

Several research firms have commented on SPOT. Rosenblatt Securities upped their price target on shares of Spotify Technology from $500.00 to $534.00 and gave the company a “neutral” rating in a report on Friday, May 22nd. Citizens Jmp upped their price target on shares of Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a report on Friday, May 22nd. Cantor Fitzgerald upped their price target on shares of Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a report on Tuesday, May 26th. Weiss Ratings raised shares of Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 4th. Finally, Daiwa Securities Group began coverage on shares of Spotify Technology in a report on Thursday, March 26th. They issued an “outperform” rating and a $535.00 price target on the stock.

Insider Buying and Selling

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $496.52, for a total value of $10,344,001.16. Following the sale, the chief executive officer directly owned 20,376 shares of the company’s stock, valued at approximately $10,117,091.52. This represents a 50.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Alex Norstrom sold 5,436 shares of the company’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the completion of the sale, the chief executive officer directly owned 69,989 shares in the company, valued at approximately $33,560,425.39. The trade was a 7.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 111,442 shares of company stock valued at $54,647,508 in the last 90 days. 0.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SPOT. KERR FINANCIAL PLANNING Corp acquired a new position in shares of Spotify Technology in the third quarter worth about $26,000. Portus Wealth Advisors LLC acquired a new position in shares of Spotify Technology in the first quarter worth about $32,000. Kemnay Advisory Services Inc. acquired a new position in shares of Spotify Technology in the fourth quarter worth about $32,000. Whipplewood Advisors LLC raised its position in shares of Spotify Technology by 423.1% in the first quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock worth $33,000 after acquiring an additional 55 shares during the period. Finally, Palladiem LLC acquired a new position in shares of Spotify Technology in the first quarter worth about $34,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

NYSE SPOT opened at $503.57 on Thursday. The stock’s fifty day moving average price is $481.52 and its 200 day moving average price is $513.25. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00. The company has a market cap of $103.67 billion, a price-to-earnings ratio of 40.12, a PEG ratio of 1.21 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The firm had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. During the same period in the prior year, the firm earned $1.07 EPS. The firm’s revenue was up 8.2% on a year-over-year basis. Research analysts expect that Spotify Technology will post 14.72 earnings per share for the current year.

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.