Spotify Technology’s (SPOT) “Buy” Rating Reiterated at Argus

Argus reaffirmed their buy rating on shares of Spotify Technology (NYSE:SPOT) in a report released on Thursday,Benzinga reports. They currently have a $600.00 price objective on the stock.

Several other brokerages have also commented on SPOT. JPMorgan Chase & Co. upped their target price on Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Barclays raised their price target on shares of Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Weiss Ratings lowered shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Citizens Jmp boosted their price objective on Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research report on Friday, May 22nd. Finally, Wells Fargo & Company dropped their price target on Spotify Technology from $600.00 to $570.00 and set an “overweight” rating on the stock in a research report on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $618.86.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $513.42 on Thursday. The stock has a market cap of $105.70 billion, a P/E ratio of 31.97, a price-to-earnings-growth ratio of 1.25 and a beta of 1.58. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $748.30. The firm has a 50 day moving average price of $483.51 and a two-hundred day moving average price of $485.01.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, August 4th. The company reported $2.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.16 by ($0.18). Spotify Technology had a return on equity of 41.39% and a net margin of 18.44%.The company had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.47 billion. During the same period in the prior year, the business earned ($0.42) earnings per share. The firm’s revenue for the quarter was up 13.9% on a year-over-year basis. Analysts predict that Spotify Technology will post 14.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Thomas O. Staggs sold 5,477 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the completion of the transaction, the director owned 3,619 shares of the company’s stock, valued at approximately $1,903,594. The trade was a 60.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $478.45, for a total transaction of $9,967,548.85. Following the sale, the chief executive officer directly owned 20,259 shares in the company, valued at $9,692,918.55. This trade represents a 50.70% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 116,878 shares of company stock valued at $59,081,110 in the last three months. Insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. JPL Wealth Management LLC purchased a new position in Spotify Technology during the third quarter worth about $35,000. Kemnay Advisory Services Inc. bought a new stake in shares of Spotify Technology during the 4th quarter valued at about $32,000. Osbon Capital Management LLC bought a new stake in shares of Spotify Technology during the 4th quarter valued at about $35,000. Wilmington Savings Fund Society FSB grew its holdings in shares of Spotify Technology by 85.7% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock worth $38,000 after purchasing an additional 30 shares in the last quarter. Finally, Portus Wealth Advisors LLC purchased a new position in shares of Spotify Technology during the first quarter worth about $32,000. Institutional investors own 84.09% of the company’s stock.

About Spotify Technology

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.