Spotify Technology (NYSE:SPOT) Stock Price Up 4.7% – Still a Buy?

Shares of Spotify Technology (NYSE:SPOT) traded up 4.7% during trading on Friday . The stock traded as high as $553.29 and last traded at $552.21. Approximately 589,330 shares traded hands during trading, a decline of 75% from the average daily volume of 2,344,824 shares. The stock had previously closed at $527.25.

Analysts Set New Price Targets

A number of research analysts recently commented on SPOT shares. UBS Group decreased their price target on shares of Spotify Technology from $735.00 to $690.00 and set a “buy” rating on the stock in a research note on Friday, July 10th. JPMorgan Chase & Co. raised their price objective on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Wall Street Zen cut Spotify Technology from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Benchmark decreased their target price on Spotify Technology from $695.00 to $650.00 and set a “buy” rating on the stock in a research report on Wednesday, July 22nd. Finally, Guggenheim reiterated a “buy” rating and set a $565.00 target price on shares of Spotify Technology in a research note on Wednesday, August 5th. Two 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $609.05.

Spotify Technology Price Performance

The stock’s 50-day moving average price is $492.07 and its 200-day moving average price is $488.29. The company has a market cap of $112.71 billion, a P/E ratio of 34.09, a PEG ratio of 1.35 and a beta of 1.58.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, August 4th. The company reported $3.03 EPS for the quarter, missing the consensus estimate of $3.16 by ($0.13). Spotify Technology had a net margin of 18.44% and a return on equity of 41.39%. The business had revenue of $5.45 billion during the quarter, compared to analyst estimates of $5.47 billion. During the same quarter last year, the company posted ($0.42) earnings per share. The company’s revenue was up 13.9% on a year-over-year basis. As a group, analysts expect that Spotify Technology will post 14.3 EPS for the current fiscal year.

Insider Transactions at Spotify Technology

In other Spotify Technology news, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $502.10, for a total transaction of $2,729,415.60. Following the transaction, the chief executive officer owned 66,773 shares in the company, valued at $33,526,723.30. This represents a 7.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gustav Soderstrom sold 20,833 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer owned 20,142 shares in the company, valued at approximately $10,216,828.08. The trade was a 50.84% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 73,371 shares of company stock valued at $36,222,251 in the last three months. Insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Spotify Technology

Several institutional investors have recently made changes to their positions in the stock. JPL Wealth Management LLC acquired a new stake in Spotify Technology during the third quarter worth approximately $35,000. Kemnay Advisory Services Inc. acquired a new position in Spotify Technology in the 4th quarter valued at $32,000. Pin Oak Investment Advisors Inc. acquired a new position in Spotify Technology in the 2nd quarter valued at $27,000. Osbon Capital Management LLC acquired a new position in Spotify Technology in the 4th quarter valued at $35,000. Finally, Wilmington Savings Fund Society FSB lifted its position in shares of Spotify Technology by 85.7% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock valued at $38,000 after acquiring an additional 30 shares during the period. 84.09% of the stock is currently owned by institutional investors.

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.