Rosenblatt Securities Raises Spotify Technology (NYSE:SPOT) Price Target to $534.00

Spotify Technology (NYSE:SPOT) had its price objective upped by analysts at Rosenblatt Securities from $500.00 to $534.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Rosenblatt Securities’ price target indicates a potential upside of 8.83% from the stock’s previous close.

Several other research analysts have also issued reports on the company. Citigroup upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price target on the stock in a research report on Friday, January 30th. Pivotal Research reduced their price target on Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a research report on Wednesday, April 29th. Weiss Ratings upgraded Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, May 4th. Benchmark reduced their price target on Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Finally, JPMorgan Chase & Co. reduced their price target on Spotify Technology from $700.00 to $600.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $647.08.

Spotify Technology Trading Up 13.2%

Shares of SPOT opened at $490.66 on Friday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00. The stock has a 50 day simple moving average of $479.71 and a 200-day simple moving average of $523.90. The stock has a market cap of $101.02 billion, a PE ratio of 39.10, a PEG ratio of 1.05 and a beta of 1.55.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.23 billion. During the same period in the prior year, the firm posted $1.07 EPS. Spotify Technology’s quarterly revenue was up 8.2% compared to the same quarter last year. On average, sell-side analysts forecast that Spotify Technology will post 14.87 EPS for the current fiscal year.

Insider Activity at Spotify Technology

In related news, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the sale, the chief executive officer owned 69,989 shares of the company’s stock, valued at $33,560,425.39. This represents a 7.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Gustav Soderstrom sold 20,833 shares of the stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $473.52, for a total value of $9,864,842.16. Following the completion of the transaction, the chief executive officer owned 20,609 shares of the company’s stock, valued at $9,758,773.68. The trade was a 50.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 47,102 shares of company stock worth $21,444,648 in the last ninety days. 0.40% of the stock is owned by company insiders.

Institutional Trading of Spotify Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp boosted its stake in Spotify Technology by 1.9% during 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 lifted its stake in Spotify Technology by 4.0% in the fourth 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 holdings in Spotify Technology by 4.9% during the 4th quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock valued at $1,663,024,000 after acquiring an additional 133,108 shares during the period. Fisher Asset Management LLC raised its holdings in Spotify Technology by 2.4% during 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 acquiring an additional 62,887 shares during the period. Finally, Coatue Management LLC raised its holdings in Spotify Technology by 35.9% during the 4th quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock valued at $1,423,251,000 after acquiring an additional 647,708 shares during the period. 84.09% of the stock is owned by institutional investors.

Key Stories Impacting Spotify Technology

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: Spotify outlined upbeat long-term targets, including mid-teens annual revenue growth and gross margins of 35% to 40% by 2030, reinforcing the case for continued earnings and cash flow expansion. Spotify stock pops on guidance at first investor day since 2022
• Positive Sentiment: The company announced new AI-driven products, including tools for premium users to create covers and remixes, plus AI-powered podcast and audiobook creation features, which could open new revenue streams and deepen subscriber engagement. Spotify adds AI-powered Q&A and briefing generation features to podcasts
• Positive Sentiment: Spotify also struck a licensing deal with Universal Music Group for responsible AI-generated covers and remixes, which supports creator partnerships while giving the platform a differentiated product offering. Spotify strikes deal with Universal Music to let premium users create AI covers, remixes
• Positive Sentiment: Additional Investor Day announcements, such as reserving concert tickets for top fans, could improve user retention and increase premium value. Spotify Will Set Aside Concert Tickets for Artists’ Superfans
• Neutral Sentiment: Media coverage on Spotify’s 20th anniversary and podcast strategy is more of a brand and product update than a clear near-term financial catalyst. Spotify 20th Anniversary: What Impact Did Podcasts Have On The Company?
• Negative Sentiment: One report noted that Spotify may face higher costs in Canada due to rule changes, which could pressure margins if broader regulatory cost headwinds emerge. Netflix, Spotify to face higher costs as Canada changes rules
• Negative Sentiment: Pomerantz LLP said it is investigating claims on behalf of Spotify investors, a legal overhang that can weigh on sentiment even if no wrongdoing is proven. INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Spotify Technology S.A. – SPOT

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.