Spotify Technology (NYSE:SPOT) Earns “Buy” Rating from Argus

Spotify Technology (NYSE:SPOT)‘s stock had its “buy” rating reissued by analysts at Argus in a research note issued to investors on Thursday,Benzinga reports. They currently have a $600.00 price target on the stock. Argus’ price target indicates a potential upside of 23.03% from the company’s previous close.

A number of other brokerages also recently commented on SPOT. Cantor Fitzgerald lifted their target price on shares of Spotify Technology from $510.00 to $530.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 5th. JPMorgan Chase & Co. upped their price objective on Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Guggenheim reissued a “buy” rating and set a $565.00 target price on shares of Spotify Technology in a research note on Wednesday, August 5th. Weiss Ratings lowered Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Finally, The Goldman Sachs Group lowered their price target on Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Two investment 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 company. Based on data from MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and an average price target of $618.86.

Spotify Technology Stock Performance

NYSE SPOT opened at $487.69 on Thursday. The stock’s fifty day moving average is $483.07 and its two-hundred day moving average is $484.91. The firm has a market capitalization of $100.41 billion, a P/E ratio of 30.37, a price-to-earnings-growth ratio of 1.22 and a beta of 1.58. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $748.30.

Insider Transactions at Spotify Technology

In other news, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $507.24, for a total transaction of $10,567,330.92. Following the completion of the transaction, the chief executive officer directly owned 20,142 shares in the company, valued at $10,216,828.08. This trade represents a 50.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 firm’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $525.73, for a total value of $18,600,327.40. Following the transaction, the director owned 6,383 shares of the company’s stock, valued at approximately $3,355,734.59. This represents a 84.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 116,878 shares of company stock worth $59,081,110 in the last three months. Company insiders own 0.40% of the company’s stock.

Hedge Funds Weigh In On Spotify Technology

Several hedge funds have recently bought and sold shares of the company. Quadcap Wealth Management LLC grew its stake in shares of Spotify Technology by 5.7% in the third quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock worth $206,000 after acquiring an additional 16 shares in the last quarter. Objectivity Squared LLC grew its stake in Spotify Technology by 0.8% during the 4th quarter. Objectivity Squared LLC now owns 2,582 shares of the company’s stock worth $1,499,000 after purchasing an additional 20 shares in the last quarter. Condor Capital Management boosted its stake in shares of Spotify Technology by 2.6% in the 4th quarter. Condor Capital Management now owns 990 shares of the company’s stock valued at $575,000 after buying an additional 25 shares during the period. Carl P. Sherr & Co. LLC raised its holdings in Spotify Technology by 0.7% in the first quarter. Carl P. Sherr & Co. LLC now owns 4,138 shares of the company’s stock valued at $2,007,000 after acquiring an additional 27 shares in the last quarter. Finally, Legacy Advisors LLC lifted its stake in Spotify Technology by 1.1% in the fourth quarter. Legacy Advisors LLC now owns 2,622 shares of the company’s stock worth $1,523,000 after acquiring an additional 28 shares during the last quarter. Institutional investors and hedge funds 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.