Spotify Technology (NYSE:SPOT) Stock Rated “Moderate Buy” by Sell-Side Analysts

Spotify Technology (NYSE:SPOT) has been assigned an average rating of “Moderate Buy” from the thirty-three ratings firms that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, nine have assigned a hold recommendation and twenty-three have issued a buy recommendation on the company. The average 1 year target price among brokers that have covered the stock in the last year is $620.07.

A number of research analysts have commented on the stock. Cantor Fitzgerald raised their target price on shares of Spotify Technology from $490.00 to $550.00 and gave the company a “neutral” rating in a research report on Friday, October 23rd. Guggenheim boosted their price target on Spotify Technology from $575.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, October 23rd. Zacks Research lowered Spotify Technology from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 22nd. UBS Group decreased their price target on shares of Spotify Technology from $690.00 to $675.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Spotify Technology from $650.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, October 23rd.

Insider Activity

In other news, CEO Gustav Söderström sold 20,913 shares of the stock in a transaction on Monday, September 14th. The stock was sold at an average price of $544.19, for a total transaction of $11,380,645.47. Following the completion of the sale, the chief executive officer owned 20,025 shares in the company, valued at approximately $10,897,404.75. This represents a 51.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.40% of the company’s stock.

Institutional Trading of Spotify Technology

A number of institutional investors have recently bought and sold shares of the stock. Pin Oak Investment Advisors Inc. purchased a new position in Spotify Technology in the second quarter worth approximately $27,000. Whipplewood Advisors LLC increased its holdings in Spotify Technology by 423.1% in the first quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock valued at $33,000 after buying an additional 55 shares during the last quarter. Palladiem LLC purchased a new position in Spotify Technology in the first quarter valued at $34,000. Fairscale Capital LLC raised its stake in Spotify Technology by 35.2% in the third quarter. Fairscale Capital LLC now owns 73 shares of the company’s stock valued at $36,000 after buying an additional 19 shares in the last quarter. Finally, Tsfg LLC raised its stake in Spotify Technology by 39.7% in the second quarter. Tsfg LLC now owns 81 shares of the company’s stock valued at $37,000 after buying an additional 23 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Price Performance

Spotify Technology stock opened at $613.85 on Friday. The firm has a 50-day moving average of $535.91 and a two-hundred day moving average of $500.01. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $668.49. The stock has a market cap of $126.38 billion, a price-to-earnings ratio of 41.62, a price-to-earnings-growth ratio of 1.94 and a beta of 1.49.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Thursday, October 22nd. The company reported $2.81 EPS for the quarter, missing the consensus estimate of $3.18 by ($0.37). Spotify Technology had a return on equity of 35.64% and a net margin of 15.74%. The firm had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $5.64 billion. During the same quarter in the previous year, the business earned $3.28 earnings per share. The company’s revenue for the quarter was up 16.3% compared to the same quarter last year. Research analysts expect that Spotify Technology will post 13.66 earnings per share for the current year.

Spotify Technology Company Profile

Spotify Technology SA is an audio streaming company that operates the Spotify platform, offering users access to music, podcasts and audiobooks through internet-connected devices. Its catalog includes licensed recordings from music labels and artists, as well as podcasts and other audio content from creators and publishers.

Spotify provides both an ad-supported service and subscription-based Premium plans. Premium subscribers generally receive ad-free listening and additional features, while the advertising-supported service allows users to access content without a paid subscription.