Spotify Technology (NYSE:SPOT) Receives $655.92 Average PT from Analysts

Spotify Technology (NYSE:SPOT) has earned an average recommendation of “Moderate Buy” from the twenty-nine analysts that are covering the stock, MarketBeat.com reports. Six investment analysts have rated the stock with a hold recommendation, twenty-one have given a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $655.9231.

Several research firms recently issued reports on SPOT. Guggenheim cut their price target on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Arete Research raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price target for the company in a report on Thursday, February 26th. Benchmark cut their price target on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Canaccord Genuity Group cut their price target on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Finally, KeyCorp cut their price target 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.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $503.83 on Thursday. The company has a 50-day simple moving average of $482.56 and a 200-day simple moving average of $511.78. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The stock has a market capitalization of $103.73 billion, a price-to-earnings ratio of 40.15, a PEG ratio of 1.21 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.41 by $0.63. The firm had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.07 earnings per share. As a group, research analysts forecast that Spotify Technology will post 14.72 EPS for the current fiscal year.

Insider Activity at Spotify Technology

In other Spotify Technology news, CEO Alex Norstrom sold 5,436 shares of the company’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the transaction, the chief executive officer directly owned 69,989 shares in the company, valued at approximately $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 can be accessed through this link. Also, Director Christopher P. Marshall sold 2,650 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the transaction, the director owned 4,039 shares in the company, valued at $2,099,714.54. The trade was a 39.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 111,442 shares of company stock valued at $54,647,508 in the last ninety days. Company insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPOT. Norges Bank acquired a new position in Spotify Technology during the fourth quarter worth about $711,460,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Spotify Technology by 1,382.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,182 shares of the company’s stock worth $724,251,000 after buying an additional 1,163,045 shares during the period. Capital World Investors grew its position in Spotify Technology by 40.7% during the third quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock worth $1,906,260,000 after buying an additional 789,755 shares during the period. Capital Research Global Investors acquired a new position in Spotify Technology during the third quarter worth about $512,190,000. Finally, Coatue Management LLC grew its position in Spotify Technology by 35.9% during the fourth quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock worth $1,423,251,000 after buying an additional 647,708 shares during the period. 84.09% of the stock is currently 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.