Spotify Technology (NYSE:SPOT) Cut to Hold at Pivotal Research

Pivotal Research cut shares of Spotify Technology (NYSE:SPOT) from a buy rating to a hold rating in a research report released on Wednesday, MarketBeat Ratings reports. Pivotal Research currently has $420.00 price objective on the stock, down from their previous price objective of $875.00.

Several other research firms have also recently weighed in on SPOT. Citigroup upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price objective on the stock in a report on Friday, January 30th. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and cut their price target for the company from $735.00 to $700.00 in a research note on Friday, January 23rd. Weiss Ratings reissued a “hold (c+)” rating on shares of Spotify Technology in a research report on Monday, December 29th. Wells Fargo & Company cut their price objective on shares of Spotify Technology from $750.00 to $710.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 13th. Finally, KeyCorp lowered their target price on Spotify Technology from $830.00 to $720.00 and set an “overweight” rating for the company in a report on Monday, February 9th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $706.42.

Spotify Technology Stock Performance

SPOT opened at $458.40 on Wednesday. The firm’s fifty day moving average is $533.70 and its two-hundred day moving average is $620.70. The firm has a market cap of $94.35 billion, a PE ratio of 47.55, a price-to-earnings-growth ratio of 1.05 and a beta of 1.66. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.16 by $2.00. The company had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.14 billion. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The firm’s revenue was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.88 EPS. Equities analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Several hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new position in Spotify Technology during the fourth quarter valued at approximately $711,460,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Spotify Technology by 1,382.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,182 shares of the company’s stock worth $724,251,000 after purchasing an additional 1,163,045 shares in the last quarter. Capital World Investors raised its stake in shares of Spotify Technology by 40.7% during the 3rd quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock worth $1,906,260,000 after purchasing an additional 789,755 shares in the last quarter. Capital Research Global Investors acquired a new stake in shares of Spotify Technology in the 3rd quarter valued at approximately $512,190,000. Finally, Principal Financial Group Inc. grew its stake in shares of Spotify Technology by 3,534.9% in the third quarter. Principal Financial Group Inc. now owns 571,474 shares of the company’s stock valued at $398,889,000 after buying an additional 555,752 shares in the last quarter. 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.