Guggenheim Issues Pessimistic Forecast for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its price objective reduced by equities researchers at Guggenheim from $720.00 to $600.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Guggenheim’s price target would suggest a potential upside of 29.47% from the stock’s previous close.

Several other equities research analysts have also weighed in on the company. Benchmark cut their target price on Spotify Technology from $860.00 to $760.00 and set a “buy” rating on the stock in a research report on Friday, January 16th. Rosenblatt Securities reduced their price target on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a research report on Wednesday, November 5th. Erste Group Bank downgraded shares of Spotify Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 5th. Cantor Fitzgerald cut their price target on Spotify Technology from $615.00 to $525.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 11th. Finally, Sanford C. Bernstein decreased their price objective on Spotify Technology from $830.00 to $650.00 and set an “outperform” rating for the company in a report on Wednesday, January 14th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $702.55.

Spotify Technology Stock Down 0.5%

Shares of NYSE:SPOT opened at $463.41 on Tuesday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The firm’s 50 day moving average price is $515.33 and its 200 day moving average price is $610.21. The stock has a market cap of $95.38 billion, a price-to-earnings ratio of 48.07, a price-to-earnings-growth ratio of 1.02 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $3.16 by $2.00. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The company had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the prior year, the firm posted $1.88 EPS. The company’s quarterly revenue was up 6.8% compared to the same quarter last year. On average, equities analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

Institutional Investors Weigh In On Spotify Technology

A number of institutional investors have recently added to or reduced their stakes in the business. KERR FINANCIAL PLANNING Corp acquired a new stake in shares of Spotify Technology in the 3rd quarter valued at approximately $26,000. Knuff & Co LLC acquired a new stake in shares of Spotify Technology in the second quarter valued at about $27,000. Heartwood Wealth Advisors LLC purchased a new stake in Spotify Technology during the third quarter worth about $27,000. Greykasell Wealth Strategies Inc. grew its position in Spotify Technology by 3,800.0% during the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after buying an additional 38 shares during the period. Finally, Total Investment Management Inc. purchased a new position in Spotify Technology in the second quarter valued at about $29,000. Hedge funds and other 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.