Analysts Set Spotify Technology (NYSE:SPOT) Price Target at $645.77

Shares of Spotify Technology (NYSE:SPOT) have received an average recommendation of “Moderate Buy” from the twenty-nine research firms that are presently covering the company, Marketbeat reports. Five investment analysts have rated the stock with a hold recommendation, twenty-two have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year target price among brokers that have covered the stock in the last year is $645.7692.

Several research analysts have recently weighed in on the company. Morgan Stanley assumed coverage on Spotify Technology in a research note on Monday, April 13th. They issued an “overweight” rating and a $630.00 price target for the company. Guggenheim decreased their price target on Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Wall Street Zen cut Spotify Technology from a “buy” rating to a “hold” rating in a research note on Saturday. Canaccord Genuity Group decreased their price target on Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Finally, Arete Research upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price target for the company in a research note on Thursday, February 26th.

Insiders Place Their Bets

In related news, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $430.72, for a total transaction of $8,973,189.76. Following the completion of the sale, the chief executive officer owned 20,492 shares in the company, valued at approximately $8,826,314.24. This represents a 50.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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, CEO Alex Norstrom sold 5,436 shares of the company’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total value of $2,606,616.36. Following the sale, the chief executive officer owned 69,989 shares of the company’s stock, valued at approximately $33,560,425.39. This trade represents a 7.21% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 47,102 shares of company stock valued at $21,444,648. 0.40% of the stock is owned by company insiders.

Institutional Trading of Spotify Technology

A number of hedge funds have recently bought and sold shares of the company. Quadcap Wealth Management LLC increased its position in Spotify Technology by 5.7% during the third quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock valued at $206,000 after acquiring an additional 16 shares during the last quarter. Sage Mountain Advisors LLC grew its holdings in Spotify Technology by 6.3% during the third quarter. Sage Mountain Advisors LLC now owns 289 shares of the company’s stock valued at $201,000 after purchasing an additional 17 shares during the period. Sagespring Wealth Partners LLC grew its holdings in Spotify Technology by 2.9% during the fourth quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock valued at $370,000 after purchasing an additional 18 shares during the period. Ameritas Advisory Services LLC grew its holdings in Spotify Technology by 7.9% during the third quarter. Ameritas Advisory Services LLC now owns 260 shares of the company’s stock valued at $181,000 after purchasing an additional 19 shares during the period. Finally, Aprio Wealth Management LLC grew its holdings in Spotify Technology by 3.1% during the third quarter. Aprio Wealth Management LLC now owns 633 shares of the company’s stock valued at $442,000 after purchasing an additional 19 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

SPOT stock opened at $432.89 on Friday. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00. The business has a fifty day moving average price of $492.70 and a 200-day moving average price of $534.47. The stock has a market capitalization of $89.12 billion, a P/E ratio of 34.49, a P/E/G ratio of 1.01 and a beta of 1.55.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping 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 firm had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter in the previous year, the business earned $1.07 earnings per share. The company’s revenue was up 8.2% on a year-over-year basis. As a group, analysts anticipate that Spotify Technology will post 14.87 earnings per share for the current year.

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.