Spotify Technology (NYSE:SPOT) Upgraded at Wall Street Zen

Spotify Technology (NYSE:SPOT) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Sunday.

Several other equities research analysts also recently weighed in on the company. Rosenblatt Securities decreased their target price on Spotify Technology from $534.00 to $531.00 and set a “neutral” rating for the company in a research report on Thursday. Weiss Ratings downgraded Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. The Goldman Sachs Group reduced their price target on Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Pivotal Research decreased their price target on Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a report on Wednesday, April 29th. Finally, Barclays increased their price objective on shares of Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $638.58.

Spotify Technology Stock Performance

Shares of NYSE:SPOT traded down $5.42 during midday trading on Friday, hitting $480.46. 934,812 shares of the company’s stock traded hands, compared to its average volume of 1,663,636. The firm’s fifty day moving average price is $471.10 and its two-hundred 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 cap of $98.92 billion, a PE ratio of 38.28, a P/E/G ratio of 1.18 and a beta of 1.56.

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

Insider Activity at Spotify Technology

In related news, Director Sven Hans Martin Lorentzon sold 35,380 shares of Spotify Technology stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total value of $18,600,327.40. Following the completion of the sale, the director owned 6,383 shares in the company, valued at approximately $3,355,734.59. The trade was a 84.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Alex Norstrom sold 5,436 shares of the business’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $480.86, for a total transaction of $2,613,954.96. Following the completion of the sale, the chief executive officer directly owned 67,582 shares of the company’s stock, valued at $32,497,480.52. The trade was a 7.44% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 111,442 shares of company stock worth $54,757,553 over the last ninety days. Company insiders own 0.40% of the company’s stock.

Hedge Funds Weigh In On Spotify Technology

A number of hedge funds have recently bought and sold shares of the company. State Street Corp increased its holdings in Spotify Technology by 1.9% in the fourth quarter. State Street Corp now owns 4,712,249 shares of the company’s stock valued at $2,736,450,000 after buying an additional 89,951 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Spotify Technology by 4.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company’s stock worth $2,247,042,000 after buying an additional 149,479 shares during the last quarter. Capital World Investors grew its position in shares of Spotify Technology by 4.9% in the 4th quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock worth $1,663,024,000 after acquiring an additional 133,108 shares in the last quarter. Fisher Asset Management LLC grew its position in shares of Spotify Technology by 2.4% in the 4th quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock worth $1,547,890,000 after acquiring an additional 62,887 shares in the last quarter. Finally, Coatue Management LLC grew its position in shares of Spotify Technology by 35.9% in the 4th quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock worth $1,423,251,000 after acquiring an additional 647,708 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting 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.