Spotify Technology (NYSE:SPOT) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Spotify Technology (NYSE:SPOT) have been assigned a consensus rating of “Moderate Buy” from the thirty-two analysts that are presently covering the firm, Marketbeat.com reports. Seven investment analysts have rated the stock with a hold recommendation, twenty-three have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $691.2069.

A number of research firms have weighed in on SPOT. Moffett Nathanson began coverage on shares of Spotify Technology in a research report on Tuesday, January 27th. They issued a “neutral” rating and a $487.00 price objective for the company. Pivotal Research cut Spotify Technology from a “buy” rating to a “hold” rating and cut their price target for the stock from $875.00 to $420.00 in a research note on Wednesday, February 11th. Wells Fargo & Company cut their price target on Spotify Technology from $650.00 to $640.00 and set an “overweight” rating on the stock in a research note on Monday, April 13th. KeyCorp boosted their price target on Spotify Technology from $740.00 to $745.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 15th. Finally, The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and cut their price target for the stock from $735.00 to $700.00 in a research note on Friday, January 23rd.

Spotify Technology Trading Down 2.6%

NYSE SPOT opened at $522.78 on Wednesday. The company’s fifty day simple moving average is $497.79 and its 200-day simple moving average is $554.85. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The stock has a market cap of $107.63 billion, a P/E ratio of 54.23, a PEG ratio of 1.18 and a beta of 1.70.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Wednesday, February 11th. The company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $3.16 by $2.00. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The business had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the previous year, the company posted $1.88 earnings per share. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. On average, research analysts expect that Spotify Technology will post 15.55 EPS for the current fiscal year.

Insider Activity

In related news, CEO Alex Norstrom sold 5,436 shares of the business’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total value of $2,606,616.36. Following the transaction, the chief executive officer owned 69,989 shares in the company, valued at approximately $33,560,425.39. The trade was a 7.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $473.52, for a total transaction of $9,864,842.16. Following the completion of the sale, the chief executive officer directly owned 20,609 shares in the company, valued at $9,758,773.68. This represents a 50.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.40% of the company’s stock.

Institutional Trading of Spotify Technology

Several institutional investors have recently added to or reduced their stakes in SPOT. KERR FINANCIAL PLANNING Corp acquired a new stake in Spotify Technology in the third quarter valued at $26,000. Heartwood Wealth Advisors LLC acquired a new stake in Spotify Technology in the third quarter valued at $27,000. Greykasell Wealth Strategies Inc. raised its holdings in Spotify Technology by 3,800.0% in the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after acquiring an additional 38 shares in the last quarter. Westfuller Advisors LLC acquired a new stake in Spotify Technology in the third quarter valued at $29,000. Finally, Albion Financial Group UT raised its holdings in Spotify Technology by 80.0% in the third quarter. Albion Financial Group UT now owns 45 shares of the company’s stock valued at $31,000 after acquiring an additional 20 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

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.