Wells Fargo & Company Issues Pessimistic Forecast for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its price objective cut by Wells Fargo & Company from $600.00 to $570.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price points to a potential upside of 17.34% from the company’s current price.

A number of other research firms have also issued reports on SPOT. Pivotal Research lowered their price target on Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a report on Wednesday, April 29th. Citizens Jmp boosted their price target on Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a report on Friday, May 22nd. JPMorgan Chase & Co. lifted their price target on shares of Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Benchmark cut their price objective on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Finally, Barclays increased their target price on Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $640.46.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $485.78 on Thursday. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $748.30. The business has a 50-day moving average of $469.36 and a 200 day moving average of $496.11. The stock has a market capitalization of $100.01 billion, a price-to-earnings ratio of 38.71, a price-to-earnings-growth ratio of 1.21 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating the consensus estimate of $3.41 by $0.63. The company 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 was up 8.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.07 EPS. Equities research analysts anticipate that Spotify Technology will post 14.62 earnings per share for the current year.

Insider Activity at Spotify Technology

In related news, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $430.72, for a total transaction of $8,973,189.76. Following the transaction, the chief executive officer owned 20,492 shares in the company, valued at $8,826,314.24. This trade represents a 50.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Christopher P. Marshall sold 2,650 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total value of $1,377,629.00. Following the sale, the director directly owned 4,039 shares in the company, valued at approximately $2,099,714.54. The trade was a 39.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 111,442 shares of company stock valued at $54,757,553. 0.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Spotify Technology

Several hedge funds have recently modified their holdings of the company. Principal Financial Group Inc. boosted its stake in shares of Spotify Technology by 12.9% during the 4th quarter. Principal Financial Group Inc. now owns 645,196 shares of the company’s stock worth $374,672,000 after acquiring an additional 73,722 shares in the last quarter. City Holding Co. raised its position in shares of Spotify Technology by 2,515.9% during the fourth quarter. City Holding Co. now owns 5,598 shares of the company’s stock worth $3,251,000 after purchasing an additional 5,384 shares during the period. Robeco Schweiz AG lifted its holdings in shares of Spotify Technology by 37.6% during the fourth quarter. Robeco Schweiz AG now owns 18,544 shares of the company’s stock valued at $10,769,000 after purchasing an additional 5,071 shares during the last quarter. SBI Okasan Asset Management Co.Ltd. acquired a new position in shares of Spotify Technology in the 4th quarter valued at $1,162,000. Finally, Robinhood Asset Management LLC purchased a new position in Spotify Technology in the 4th quarter worth about $8,233,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.