Spotify Technology (NYSE:SPOT) Price Target Cut to $690.00 by Analysts at UBS Group

Spotify Technology (NYSE:SPOT) had its price target lowered by UBS Group from $735.00 to $690.00 in a research note published on Friday,Benzinga reports. UBS Group currently has a buy rating on the stock.

Other equities analysts have also recently issued reports about the stock. Guggenheim decreased their price objective on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Canaccord Genuity Group cut their price target on Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Wells Fargo & Company cut their price target on Spotify Technology from $600.00 to $570.00 and set an “overweight” rating on the stock in a research note on Thursday. Benchmark reduced their price target on Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Finally, Morgan Stanley raised their price objective on Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Two 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $638.58.

Spotify Technology Stock Down 1.1%

Shares of NYSE SPOT traded down $5.42 during trading on Friday, reaching $480.46. 934,812 shares of the stock were exchanged, compared to its average volume of 1,663,636. The business’s 50-day moving average price is $471.10 and its 200 day moving average price is $495.32. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $748.30. The company has a market capitalization of $98.92 billion, a price-to-earnings ratio of 38.28, a price-to-earnings-growth ratio of 1.19 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The business had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same period last year, the business earned $1.07 EPS. The business’s revenue was up 8.2% on a year-over-year basis. As a group, sell-side analysts expect that Spotify Technology will post 14.62 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Christopher P. Marshall sold 2,650 shares of Spotify Technology stock in a transaction dated 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 completion of the transaction, the director directly owned 4,039 shares in the company, valued at approximately $2,099,714.54. This trade represents a 39.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas O. Staggs sold 5,477 shares of the business’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total value of $2,880,902.00. Following the completion of the sale, the director directly owned 3,619 shares of the company’s stock, valued at approximately $1,903,594. This represents a 60.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 111,442 shares of company stock worth $54,757,553. 0.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. KERR FINANCIAL PLANNING Corp bought a new position in Spotify Technology during the third quarter worth $26,000. Portus Wealth Advisors LLC bought a new stake in Spotify Technology during the first quarter valued at $32,000. Kemnay Advisory Services Inc. bought a new stake in Spotify Technology during the fourth quarter valued at $32,000. Whipplewood Advisors LLC raised its holdings in shares of Spotify Technology by 423.1% during the first quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock worth $33,000 after purchasing an additional 55 shares during the period. Finally, Palladiem LLC acquired a new stake in shares of Spotify Technology during the first quarter worth $34,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Trending Headlines about Spotify Technology

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: UBS expects Spotify to report accelerating Q2 revenue growth of about 15.6% on a constant-currency basis, with results likely in line with management guidance, reinforcing confidence in the company’s near-term fundamentals. Spotify on track for double-digit growth, UBS says ahead of Q2
• Positive Sentiment: UBS maintained a buy rating on Spotify Technology (SPOT), signaling continued analyst support despite a lower price target. UBS lowers Spotify price target to $690
• Neutral Sentiment: Several analysts also adjusted price targets this week, including Rosenblatt and Wells Fargo, but the ratings stayed mostly neutral-to-bullish, suggesting expectations have shifted more than the underlying thesis. Spotify analyst price target changes
• Neutral Sentiment: Recent insider share sales by executives, including the CEO and co-CEO, drew attention, but the filings indicate the transactions were tied to tax withholding or pre-arranged trading plans, which softens the negative signal. Spotify CEO sells shares
• Negative Sentiment: Some market commentary highlighted insider selling and valuation concerns, which could pressure sentiment if investors decide Spotify’s growth is already priced in. Spotify stock could be 35% undervalued despite fraud stream removals

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.