Benchmark Cuts Spotify Technology (NYSE:SPOT) Price Target to $650.00

Spotify Technology (NYSE:SPOT) had its price objective trimmed by Benchmark from $695.00 to $650.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities research analysts have also recently issued reports on SPOT. Citizens Jmp boosted their target price on shares of Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a research report on Friday, May 22nd. Wall Street Zen upgraded shares of Spotify Technology from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. Weiss Ratings downgraded shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Daiwa Securities Group assumed coverage on shares of Spotify Technology in a research report on Thursday, March 26th. They set an “outperform” rating and a $535.00 target price on the stock. Finally, Rosenblatt Securities lowered their target price on shares of Spotify Technology from $534.00 to $531.00 and set a “neutral” rating on the stock in a report on Thursday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $630.70.

Spotify Technology Stock Up 3.0%

Shares of NYSE:SPOT opened at $483.27 on Wednesday. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $748.30. The business has a 50 day moving average of $481.62 and a 200-day moving average of $488.36. The stock has a market cap of $99.50 billion, a PE ratio of 38.51, a P/E/G ratio of 1.16 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. The company had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The firm’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.07 earnings per share. Equities research analysts expect that Spotify Technology will post 14.51 earnings per share for the current year.

Insider Buying and Selling at Spotify Technology

In related news, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $480.86, for a total transaction of $2,613,954.96. Following the sale, the chief executive officer owned 67,582 shares in the company, valued at approximately $32,497,480.52. This trade represents a 7.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 Spotify Technology 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 transaction, the director directly owned 4,039 shares in the company, valued at $2,099,714.54. This trade represents a 39.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 111,442 shares of company stock worth $54,757,553 in the last three months. Company insiders own 0.40% of the company’s stock.

Institutional Trading of Spotify Technology

Several large investors have recently bought and sold shares of SPOT. State Street Corp grew its holdings in shares of Spotify Technology by 1.9% during the 4th quarter. State Street Corp now owns 4,712,249 shares of the company’s stock valued at $2,736,450,000 after purchasing an additional 89,951 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Spotify Technology by 4.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company’s stock valued at $2,247,042,000 after purchasing an additional 149,479 shares during the last quarter. Capital World Investors boosted its position in Spotify Technology by 4.9% in the fourth quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock valued at $1,663,024,000 after buying an additional 133,108 shares in the last quarter. Fisher Asset Management LLC boosted its position in Spotify Technology by 2.4% in the fourth quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock valued at $1,547,890,000 after buying an additional 62,887 shares in the last quarter. Finally, Coatue Management LLC grew its stake in shares of Spotify Technology by 35.9% during the fourth quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock worth $1,423,251,000 after buying an additional 647,708 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting Spotify Technology

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: Several recent articles frame Spotify as a potentially attractive value or buy candidate compared with peers, which can support sentiment around the stock. XYZ or SPOT: Which Is the Better Value Stock Right Now?
• Positive Sentiment: Spotify is being highlighted as a trending stock with strong analyst interest, reinforcing the idea that Wall Street remains broadly constructive on the name. Is It Worth Investing in Spotify (SPOT) Based on Wall Street’s Bullish Views?
• Neutral Sentiment: Benchmark reportedly lowered its expectations for Spotify, which could temper enthusiasm but does not appear severe enough on its own to dominate trading. Benchmark Has Lowered Expectations for Spotify Technology (NYSE:SPOT) Stock Price
• Negative Sentiment: A report that Spotify deleted more than 500,000 fake streams tied to Malcolm Todd has raised fraud and integrity concerns, which could be viewed as a reputational headwind for the platform. EXCLUSIVE: Spotify Deleted 500,000 Fake Malcolm Todd Streams. A Former SEC Lawyer Says the Bots May Have Committed a Federal Crime

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.