Benchmark Has Lowered Expectations for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its price target lowered by investment analysts at Benchmark from $695.00 to $650.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Benchmark’s price objective would suggest a potential upside of 38.29% from the company’s current price.

A number of other brokerages also recently commented on SPOT. Weiss Ratings downgraded shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Morgan Stanley lifted their target price on shares of Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. UBS Group cut their price target on Spotify Technology from $735.00 to $690.00 and set a “buy” rating for the company in a report on Friday, July 10th. Pivotal Research reduced their price target on Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a research note on Wednesday, April 29th. Finally, Canaccord Genuity Group decreased their price objective on Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $630.70.

Spotify Technology Trading Down 0.9%

Spotify Technology stock opened at $470.04 on Wednesday. The stock has a market cap of $96.77 billion, a PE ratio of 37.45, a P/E/G ratio of 1.17 and a beta of 1.56. The stock has a 50-day moving average price of $480.69 and a 200 day moving average price of $488.40. Spotify Technology has a 52 week low of $405.00 and a 52 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 for the quarter, beating the consensus estimate of $3.41 by $0.63. The firm had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.07 EPS. On average, equities analysts predict that Spotify Technology will post 14.51 EPS for the current year.

Insider Buying and Selling at Spotify Technology

In related news, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $430.72, for a total transaction of $8,973,189.76. Following the completion of the transaction, the chief executive officer owned 20,492 shares of the company’s stock, valued at approximately $8,826,314.24. This represents a 50.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the company’s 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 directly owned 6,383 shares of the company’s stock, valued at $3,355,734.59. This trade represents a 84.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 111,442 shares of company stock worth $54,757,553. 0.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Spotify Technology

Hedge funds have recently made changes to their positions in the stock. Portus Wealth Advisors LLC acquired a new position in shares of Spotify Technology in the 1st quarter valued at approximately $32,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Spotify Technology during the fourth quarter worth approximately $32,000. Whipplewood Advisors LLC increased its stake in shares of Spotify Technology by 423.1% in the first quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock worth $33,000 after buying an additional 55 shares during the last quarter. Palladiem LLC acquired a new stake in Spotify Technology in the first quarter valued at $34,000. Finally, Newbridge Financial Services Group Inc. acquired a new stake in Spotify Technology in the fourth quarter valued at $35,000. Institutional investors and hedge funds 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.