Spotify Technology (NYSE:SPOT) Stock Rating Upgraded by Citigroup

Spotify Technology (NYSE:SPOT) was upgraded by investment analysts at Citigroup from a “neutral” rating to a “buy” rating in a note issued to investors on Friday, Marketbeat.com reports. The brokerage presently has a $650.00 target price on the stock. Citigroup’s target price would indicate a potential upside of 29.19% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. Rosenblatt Securities dropped their price objective on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 5th. Citizens Jmp started coverage on Spotify Technology in a research report on Wednesday, December 17th. They set a “market outperform” rating and a $800.00 price target on the stock. Moffett Nathanson initiated coverage on Spotify Technology in a research note on Tuesday. They set a “neutral” rating and a $487.00 price target on the stock. UBS Group lowered their price objective on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a research note on Friday, January 9th. Finally, Sanford C. Bernstein cut their target price on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 14th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and an average target price of $727.71.

Spotify Technology Trading Down 1.1%

NYSE SPOT opened at $503.14 on Friday. The stock has a market cap of $103.59 billion, a PE ratio of 79.11, a PEG ratio of 0.97 and a beta of 1.66. Spotify Technology has a 12 month low of $475.01 and a 12 month high of $785.00. The company’s 50-day moving average price is $560.47 and its 200-day moving average price is $639.02.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.87 by $1.96. The company had revenue of $5.01 billion during the quarter, compared to analysts’ expectations of $4.23 billion. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.45 EPS. As a group, sell-side analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Knuff & Co LLC acquired a new stake in Spotify Technology in the second quarter worth about $27,000. Total Investment Management Inc. purchased a new position in shares of Spotify Technology in the 2nd quarter valued at approximately $29,000. Heartwood Wealth Advisors LLC acquired a new stake in Spotify Technology in the 3rd quarter worth approximately $27,000. Greykasell Wealth Strategies Inc. grew its position in Spotify Technology by 3,800.0% during the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after purchasing an additional 38 shares during the last quarter. Finally, KERR FINANCIAL PLANNING Corp acquired a new position in Spotify Technology during the 3rd quarter valued at approximately $26,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

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.