Spotify Technology (NYSE:SPOT) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Spotify Technology (NYSE:SPOT) has received an average recommendation of “Moderate Buy” from the twenty-six analysts that are currently covering the stock, Marketbeat reports. Six investment analysts have rated the stock with a hold recommendation, eighteen have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $630.6957.

Several equities analysts have recently weighed in on the stock. The Goldman Sachs Group decreased their price target on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. UBS Group dropped their price objective on shares of Spotify Technology from $735.00 to $690.00 and set a “buy” rating for the company in a research note on Friday, July 10th. Daiwa Securities Group initiated coverage on shares of Spotify Technology in a report on Thursday, March 26th. They issued an “outperform” rating and a $535.00 price objective for the company. Weiss Ratings lowered shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Finally, Canaccord Genuity Group decreased their target price on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $470.04 on Friday. The stock’s fifty day moving average is $480.69 and its two-hundred day moving average is $488.40. The firm has a market capitalization of $96.77 billion, a P/E ratio of 37.45, a PEG ratio of 1.17 and a beta of 1.56. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $748.30.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter in the previous year, the company posted $1.07 EPS. The firm’s quarterly revenue was up 8.2% on a year-over-year basis. On average, equities analysts forecast that Spotify Technology will post 14.51 earnings per share for the current year.

Insider Transactions at Spotify Technology

In other Spotify Technology news, Director Christopher P. Marshall sold 2,650 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the transaction, 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. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Gustav Soderstrom sold 20,833 shares of the business’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $478.45, for a total value of $9,967,548.85. Following the transaction, the chief executive officer directly owned 20,259 shares in the company, valued at $9,692,918.55. This trade represents a 50.70% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 111,442 shares of company stock valued at $54,757,553. 0.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new position in Spotify Technology during the fourth quarter worth about $711,460,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Spotify Technology by 1,382.3% in 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 valued at $724,251,000 after purchasing an additional 1,163,045 shares during the last quarter. Coatue Management LLC grew its stake in shares of 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 buying an additional 647,708 shares during the period. National Pension Service purchased a new stake in shares of Spotify Technology in the 4th quarter valued at approximately $316,278,000. Finally, Swedbank AB grew its stake in shares of Spotify Technology by 37.9% in the 4th quarter. Swedbank AB now owns 1,616,321 shares of the company’s stock valued at $938,614,000 after buying an additional 444,162 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

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.