Spotify Technology (NYSE:SPOT) Upgraded to Buy at Citigroup

Citigroup upgraded shares of Spotify Technology (NYSE:SPOT) from a neutral rating to a buy rating in a report released on Friday morning, Marketbeat.com reports. Citigroup currently has $650.00 price target on the stock.

A number of other brokerages have also recently commented on SPOT. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Spotify Technology in a research note on Monday, December 29th. Benchmark decreased their price objective on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a report on Friday, January 16th. DZ Bank raised shares of Spotify Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Phillip Securities raised shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a research report on Monday, November 10th. Finally, Sanford C. Bernstein decreased their price target on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating for the company in a report on Wednesday, January 14th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $727.71.

Spotify Technology Trading Down 0.8%

Shares of NYSE SPOT opened at $499.69 on Friday. Spotify Technology has a 1-year low of $475.01 and a 1-year high of $785.00. The company has a 50-day moving average of $558.79 and a two-hundred day moving average of $637.52. The company has a market cap of $102.88 billion, a PE ratio of 78.57, a P/E/G ratio of 0.96 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share for the quarter, topping analysts’ consensus estimates of $1.87 by $1.96. The company had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.23 billion. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The firm’s quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.45 earnings per share. As a group, equities research analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

Institutional Investors Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. New York State Teachers Retirement System bought a new position in Spotify Technology during the fourth quarter worth $58,000. Activest Wealth Management lifted its stake in shares of Spotify Technology by 84.7% during the 4th quarter. Activest Wealth Management now owns 109 shares of the company’s stock worth $63,000 after buying an additional 50 shares during the last quarter. Delta Investment Management LLC boosted its holdings in shares of Spotify Technology by 16.2% during the 4th quarter. Delta Investment Management LLC now owns 582 shares of the company’s stock worth $338,000 after buying an additional 81 shares during the period. State of New Jersey Common Pension Fund D boosted its holdings in shares of Spotify Technology by 2.2% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 71,406 shares of the company’s stock worth $41,466,000 after buying an additional 1,520 shares during the period. Finally, Keybank National Association OH grew its stake in Spotify Technology by 37.3% in the 4th quarter. Keybank National Association OH now owns 858 shares of the company’s stock valued at $498,000 after buying an additional 233 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

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.