Spotify Technology (NYSE:SPOT) Given Consensus Recommendation of “Moderate Buy” by Analysts

Spotify Technology (NYSE:SPOT) has received an average recommendation of “Moderate Buy” from the twenty-nine brokerages that are presently covering the firm, MarketBeat.com reports. Six investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and two have issued a strong buy rating on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $655.9231.

Several research analysts recently issued reports on SPOT shares. Wall Street Zen raised Spotify Technology from a “hold” rating to a “buy” rating in a research report on Saturday, May 30th. The Goldman Sachs Group lowered their target price on Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Daiwa Securities Group started coverage on Spotify Technology in a research report on Thursday, March 26th. They set an “outperform” rating and a $535.00 target price for the company. Citizens Jmp raised their target price 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, JPMorgan Chase & Co. raised their target price on Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd.

Spotify Technology Trading Down 2.6%

SPOT opened at $488.24 on Thursday. The company’s 50 day moving average is $480.38 and its 200-day moving average is $516.21. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00. The company has a market cap of $100.52 billion, a P/E ratio of 38.90, a PEG ratio of 1.22 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The company had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. During the same quarter last year, the business posted $1.07 EPS. Spotify Technology’s revenue for the quarter was up 8.2% on a year-over-year basis. On average, equities analysts forecast that Spotify Technology will post 14.72 EPS for the current year.

Insider Activity

In other Spotify Technology news, Director Thomas O. Staggs sold 5,477 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the completion of the sale, the director directly owned 3,619 shares in the company, valued at approximately $1,903,594. This trade represents a 60.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total value of $1,377,629.00. Following the sale, the director owned 4,039 shares of the company’s stock, valued at approximately $2,099,714.54. The trade was 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 90 days, insiders sold 111,442 shares of company stock worth $54,647,508. 0.40% of the stock is owned by insiders.

Institutional Trading of Spotify Technology

Several large investors have recently made changes to their positions in SPOT. KERR FINANCIAL PLANNING Corp acquired a new stake in shares of Spotify Technology in the 3rd quarter valued at about $26,000. Portus Wealth Advisors LLC acquired a new stake in shares of Spotify Technology in the 1st quarter valued at about $32,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Spotify Technology in the 4th quarter valued at about $32,000. Whipplewood Advisors LLC grew its stake in shares of Spotify Technology by 423.1% in the 1st quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock valued at $33,000 after buying an additional 55 shares during the period. Finally, Palladiem LLC acquired a new stake in shares of Spotify Technology in the 1st quarter valued at about $34,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Company Profile

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.