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

Spotify Technology (NYSE:SPOT) has been assigned a consensus rating of “Moderate Buy” from the twenty-seven analysts that are presently covering the stock, MarketBeat reports. Six analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $641.8333.

Several research firms have issued reports on SPOT. KeyCorp dropped their price objective on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 29th. Wells Fargo & Company increased their target price on Spotify Technology from $580.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. JPMorgan Chase & Co. increased their target price on Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Wall Street Zen lowered Spotify Technology from a “buy” rating to a “hold” rating in a research note on Saturday, June 13th. Finally, Guggenheim lowered their target price on Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th.

Spotify Technology Stock Up 0.2%

NYSE:SPOT opened at $460.74 on Monday. The stock’s 50 day moving average price is $476.44 and its two-hundred day moving average price is $502.15. The firm has a market capitalization of $94.86 billion, a price-to-earnings ratio of 36.71, a P/E/G ratio of 1.12 and a beta of 1.56. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.41 by $0.63. The firm 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 business’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.07 earnings per share. Equities research analysts expect that Spotify Technology will post 14.68 EPS for the current year.

Insider Activity at Spotify Technology

In other news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the transaction, the director owned 6,383 shares in the company, valued at approximately $3,355,734.59. This trade represents a 84.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gustav Soderstrom sold 20,833 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $473.52, for a total value of $9,864,842.16. Following the transaction, the chief executive officer owned 20,609 shares in the company, valued at approximately $9,758,773.68. This trade represents a 50.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 111,442 shares of company stock valued at $54,647,508 in the last 90 days. Corporate insiders own 0.40% of the company’s stock.

Hedge Funds Weigh In On Spotify Technology

A number of large investors have recently made changes to their positions in SPOT. Sivia Capital Partners LLC acquired a new position in Spotify Technology in the 2nd quarter valued at $312,000. Jump Financial LLC raised its holdings in Spotify Technology by 5.2% in the 2nd quarter. Jump Financial LLC now owns 1,132 shares of the company’s stock valued at $869,000 after acquiring an additional 56 shares in the last quarter. Cary Street Partners Financial LLC acquired a new position in Spotify Technology in the 2nd quarter valued at $178,000. NewEdge Advisors LLC raised its holdings in Spotify Technology by 36.9% in the 2nd quarter. NewEdge Advisors LLC now owns 12,650 shares of the company’s stock valued at $9,707,000 after acquiring an additional 3,412 shares in the last quarter. Finally, Glenview Trust co acquired a new position in Spotify Technology in the 2nd quarter valued at $298,000. 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.