Spotify Technology (NYSE:SPOT) Receives $655.92 Average Price Target from Brokerages

Spotify Technology (NYSE:SPOT) has been assigned a consensus recommendation of “Moderate Buy” from the twenty-nine research firms that are covering the stock, Marketbeat.com reports. Six analysts have rated the stock with a hold rating, twenty-one have given a buy rating and two have given a strong buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $655.9231.

Several equities research analysts recently weighed in on SPOT shares. JPMorgan Chase & Co. increased their price target on Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Pivotal Research decreased their price target on Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a report on Wednesday, April 29th. Wall Street Zen upgraded Spotify Technology from a “hold” rating to a “buy” rating in a research report on Saturday, May 30th. Cantor Fitzgerald lifted their price objective on Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 26th. Finally, Barclays boosted their target price on shares of Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $497.19 on Thursday. The stock has a fifty day moving average price of $481.01 and a 200 day moving average price of $515.08. 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 $102.36 billion, a PE ratio of 39.62, a P/E/G ratio of 1.21 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last issued 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 the consensus estimate of $5.23 billion. During the same period last year, the company earned $1.07 earnings per share. The company’s revenue for the quarter was up 8.2% on a year-over-year basis. Analysts anticipate that Spotify Technology will post 14.72 earnings per share for the current fiscal year.

Insider Transactions at Spotify Technology

In related news, Director Thomas O. Staggs sold 5,477 shares of the business’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total value of $2,880,902.00. Following the completion of the transaction, the director owned 3,619 shares of the company’s stock, valued at approximately $1,903,594. The trade was a 60.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the completion of the transaction, the director directly owned 6,383 shares of the company’s stock, valued at $3,355,734.59. The trade was a 84.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 111,442 shares of company stock worth $54,647,508 in the last ninety days. Company insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. State Street Corp raised its stake in Spotify Technology by 1.9% in the 4th quarter. State Street Corp now owns 4,712,249 shares of the company’s stock valued at $2,736,450,000 after purchasing an additional 89,951 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Spotify Technology by 4.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company’s stock valued at $2,247,042,000 after purchasing an additional 149,479 shares during the last quarter. Capital World Investors raised its stake in Spotify Technology by 4.9% in the 4th quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock valued at $1,663,024,000 after purchasing an additional 133,108 shares during the last quarter. Fisher Asset Management LLC grew its holdings in Spotify Technology by 2.4% in the 4th quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock valued at $1,547,890,000 after buying an additional 62,887 shares during the period. Finally, Coatue Management LLC grew its holdings in 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. 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.