Spotify Technology (NYSE:SPOT) Receives $641.83 Consensus Target Price from Analysts

Spotify Technology (NYSE:SPOT) has earned a consensus rating of “Moderate Buy” from the twenty-seven ratings firms that are presently covering the stock, Marketbeat.com reports. Six research analysts have rated the stock with a hold recommendation, nineteen have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $641.8333.

Several brokerages recently issued reports on SPOT. Citizens Jmp lifted their price objective on Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a report on Friday, May 22nd. Weiss Ratings lowered Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Guggenheim dropped their price target on Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Wells Fargo & Company lifted their price target on Spotify Technology from $580.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Finally, Cantor Fitzgerald boosted their price objective on shares of Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 26th.

Spotify Technology Trading Down 0.2%

Shares of SPOT opened at $485.14 on Monday. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $748.30. The firm has a market capitalization of $99.88 billion, a P/E ratio of 38.66, a PEG ratio of 1.19 and a beta of 1.56. The firm’s 50-day moving average is $470.66 and its two-hundred day moving average is $498.40.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. The company had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same period last year, the firm earned $1.07 EPS. Analysts predict that Spotify Technology will post 14.62 EPS for the current year.

Insider Buying and Selling at Spotify Technology

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $430.72, for a total value of $8,973,189.76. Following the sale, the chief executive officer owned 20,492 shares of the company’s stock, valued at $8,826,314.24. This represents a 50.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the sale, the director owned 4,039 shares in the company, valued at $2,099,714.54. This represents a 39.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 85,173 shares of company stock worth $42,176,049. 0.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Spotify Technology

Large investors have recently bought and sold shares of the stock. State Street Corp lifted its position in shares of Spotify Technology by 1.9% in the fourth quarter. State Street Corp now owns 4,712,249 shares of the company’s stock valued at $2,736,450,000 after acquiring an additional 89,951 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Spotify Technology by 4.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company’s stock worth $2,247,042,000 after purchasing an additional 149,479 shares in the last quarter. Capital World Investors increased its position in Spotify Technology by 4.9% during the 4th quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock worth $1,663,024,000 after purchasing an additional 133,108 shares in the last quarter. Fisher Asset Management LLC raised its stake in Spotify Technology by 2.4% in the 4th quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock valued at $1,547,890,000 after purchasing an additional 62,887 shares during the last quarter. Finally, Coatue Management LLC raised its stake in Spotify Technology by 35.9% in the 4th quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock valued at $1,423,251,000 after purchasing an additional 647,708 shares during the last quarter. Institutional investors and hedge funds 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.