Spotify Technology (NYSE:SPOT) Price Target Raised to $625.00 at Citizens Jmp

Spotify Technology (NYSE:SPOT) had its price target boosted by stock analysts at Citizens Jmp from $600.00 to $625.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “market outperform” rating on the stock. Citizens Jmp’s target price indicates a potential upside of 19.78% from the stock’s current price.

Several other brokerages also recently issued reports on SPOT. Citigroup upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price objective for the company in a research report on Friday, January 30th. Pivotal Research lowered their target price on Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a research note on Wednesday, April 29th. Barclays upped their price target on shares of Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a research report on Friday. UBS Group decreased their price objective on Spotify Technology from $760.00 to $735.00 and set a “buy” rating on the stock in a research report on Thursday, April 30th. Finally, Wall Street Zen downgraded shares of Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $649.77.

Spotify Technology Price Performance

Shares of Spotify Technology stock traded up $31.87 during midday trading on Friday, hitting $521.80. 2,131,700 shares of the company were exchanged, compared to its average volume of 2,646,101. The firm has a market cap of $107.43 billion, a P/E ratio of 41.91, a PEG ratio of 1.05 and a beta of 1.55. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The firm has a 50 day simple moving average of $479.71 and a 200-day simple moving average of $523.90.

Spotify Technology (NYSE:SPOT) last announced 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. The firm had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business’s revenue was up 8.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.07 earnings per share. Equities research analysts expect that Spotify Technology will post 14.87 earnings per share for the current year.

Insider Buying and Selling

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $430.72, for a total value of $8,973,189.76. Following the sale, the chief executive officer directly owned 20,492 shares in the company, valued at approximately $8,826,314.24. This trade represents a 50.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible 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, CEO Alex Norstrom sold 5,436 shares of the business’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the completion of the transaction, the chief executive officer directly owned 69,989 shares of the company’s stock, valued at $33,560,425.39. This trade represents a 7.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 47,102 shares of company stock worth $21,444,648 over the last quarter. 0.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Spotify Technology

Several large investors have recently modified their holdings of the business. Quadcap Wealth Management LLC grew its position in shares of Spotify Technology by 5.7% in the 3rd quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock valued at $206,000 after purchasing an additional 16 shares during the period. Sage Mountain Advisors LLC lifted its position in Spotify Technology by 6.3% in the 3rd quarter. Sage Mountain Advisors LLC now owns 289 shares of the company’s stock valued at $201,000 after acquiring an additional 17 shares in the last quarter. Sagespring Wealth Partners LLC boosted its stake in Spotify Technology by 2.9% in the 4th quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock worth $370,000 after purchasing an additional 18 shares during the period. Ameritas Advisory Services LLC increased its holdings in Spotify Technology by 7.9% during the 3rd quarter. Ameritas Advisory Services LLC now owns 260 shares of the company’s stock worth $181,000 after purchasing an additional 19 shares in the last quarter. Finally, Aprio Wealth Management LLC raised its stake in shares of Spotify Technology by 3.1% in the 3rd quarter. Aprio Wealth Management LLC now owns 633 shares of the company’s stock valued at $442,000 after purchasing an additional 19 shares during the period. 84.09% of the stock is currently owned by institutional investors.

Key Spotify Technology News

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

• Positive Sentiment: Spotify outlined upbeat long-term targets, including mid-teens annual revenue growth and gross margins of 35% to 40% by 2030, reinforcing the case for continued earnings and cash flow expansion. Spotify stock pops on guidance at first investor day since 2022
• Positive Sentiment: The company announced new AI-driven products, including tools for premium users to create covers and remixes, plus AI-powered podcast and audiobook creation features, which could open new revenue streams and deepen subscriber engagement. Spotify adds AI-powered Q&A and briefing generation features to podcasts
• Positive Sentiment: Spotify also struck a licensing deal with Universal Music Group for responsible AI-generated covers and remixes, which supports creator partnerships while giving the platform a differentiated product offering. Spotify strikes deal with Universal Music to let premium users create AI covers, remixes
• Positive Sentiment: Additional Investor Day announcements, such as reserving concert tickets for top fans, could improve user retention and increase premium value. Spotify Will Set Aside Concert Tickets for Artists’ Superfans
• Neutral Sentiment: Media coverage on Spotify’s 20th anniversary and podcast strategy is more of a brand and product update than a clear near-term financial catalyst. Spotify 20th Anniversary: What Impact Did Podcasts Have On The Company?
• Negative Sentiment: One report noted that Spotify may face higher costs in Canada due to rule changes, which could pressure margins if broader regulatory cost headwinds emerge. Netflix, Spotify to face higher costs as Canada changes rules
• Negative Sentiment: Pomerantz LLP said it is investigating claims on behalf of Spotify investors, a legal overhang that can weigh on sentiment even if no wrongdoing is proven. INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Spotify Technology S.A. – SPOT

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.