Spotify Technology (NYSE:SPOT) Stock Price Up 4.5% – Time to Buy?

Spotify Technology (NYSE:SPOT) rose 4.5% during trading on Tuesday . The stock traded as high as $516.22 and last traded at $514.4540. 339,595 shares were traded during mid-day trading, a decline of 86% from the average session volume of 2,371,430 shares. The stock had previously closed at $492.47.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SPOT. Benchmark lowered their target price on shares of Spotify Technology from $695.00 to $650.00 and set a “buy” rating on the stock in a research note on Wednesday, July 22nd. Weiss Ratings lowered shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. KeyCorp decreased their price objective on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. Pivotal Research lowered their price objective on shares of Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a research report on Wednesday, April 29th. Finally, JPMorgan Chase & Co. raised their target price on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $609.05.

Spotify Technology Price Performance

The business has a 50-day moving average of $483.26 and a 200 day moving average of $484.68. The company has a market cap of $107.50 billion, a PE ratio of 32.47, a PEG ratio of 1.26 and a beta of 1.58.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, August 4th. The company reported $2.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.16 by ($0.18). The firm had revenue of $5.45 billion during the quarter, compared to analysts’ expectations of $5.47 billion. Spotify Technology had a return on equity of 41.39% and a net margin of 18.44%.The company’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same period in the previous year, the business posted ($0.42) earnings per share. On average, equities analysts predict that Spotify Technology will post 14.3 EPS for the current fiscal year.

Insider Transactions at Spotify Technology

In related news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the business’s stock in a transaction that occurred on 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 sale, the director directly owned 6,383 shares in the company, valued at approximately $3,355,734.59. The trade was a 84.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Thomas O. Staggs sold 5,477 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the sale, the director directly owned 3,619 shares of the company’s stock, valued at approximately $1,903,594. This represents a 60.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 116,878 shares of company stock worth $59,081,110. 0.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Sivia Capital Partners LLC bought a new position in Spotify Technology in the 2nd quarter worth $312,000. Jump Financial LLC grew its holdings in Spotify Technology by 5.2% during the second quarter. Jump Financial LLC now owns 1,132 shares of the company’s stock valued at $869,000 after purchasing an additional 56 shares during the period. Cary Street Partners Financial LLC bought a new stake in Spotify Technology during the second quarter valued at about $178,000. NewEdge Advisors LLC increased its position in Spotify Technology by 36.9% in the second quarter. NewEdge Advisors LLC now owns 12,650 shares of the company’s stock worth $9,707,000 after buying an additional 3,412 shares in the last quarter. Finally, Glenview Trust co purchased a new stake in Spotify Technology in the second quarter worth about $298,000. Hedge funds and other 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.