Brokerages Set Spotify Technology (NYSE:SPOT) Price Target at $641.83

Shares of Spotify Technology (NYSE:SPOT) have received an average rating of “Moderate Buy” from the twenty-seven brokerages that are currently covering the company, Marketbeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation, nineteen have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $641.8333.

A number of equities analysts have recently commented on the company. KeyCorp lowered their price objective on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a research report on Wednesday, April 29th. Canaccord Genuity Group decreased their price target on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Weiss Ratings cut shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. JPMorgan Chase & Co. increased their price objective on shares of Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Finally, Cantor Fitzgerald raised their price objective on shares of Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a report on Tuesday, May 26th.

Insider Activity at Spotify Technology

In other news, CEO Gustav Soderstrom sold 20,833 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $496.52, for a total value of $10,344,001.16. Following the completion of the sale, the chief executive officer directly owned 20,376 shares of the company’s stock, valued at approximately $10,117,091.52. The trade was a 50.55% decrease in their position. 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 firm’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the transaction, the director owned 3,619 shares in the company, valued at approximately $1,903,594. This trade represents a 60.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 85,173 shares of company stock valued at $42,176,049 in the last ninety days. 0.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Spotify Technology

Large investors have recently bought and sold shares of the company. KERR FINANCIAL PLANNING Corp acquired a new position in Spotify Technology during the third quarter worth $26,000. Portus Wealth Advisors LLC acquired a new stake in Spotify Technology in the first quarter valued at $32,000. Kemnay Advisory Services Inc. acquired a new stake in Spotify Technology in the fourth quarter valued at $32,000. Whipplewood Advisors LLC boosted its position in shares of Spotify Technology by 423.1% during the 1st quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock worth $33,000 after purchasing an additional 55 shares in the last quarter. Finally, Palladiem LLC purchased a new stake in shares of Spotify Technology during the 1st quarter worth $34,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Up 2.6%

Shares of NYSE SPOT opened at $470.88 on Monday. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $748.30. The stock has a fifty day simple moving average of $472.17 and a 200-day simple moving average of $499.29. The stock has a market capitalization of $96.94 billion, a PE ratio of 37.52, a PEG ratio of 1.13 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping the consensus estimate of $3.41 by $0.63. The business had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.07 earnings per share. On average, equities analysts predict that Spotify Technology will post 14.64 earnings per share for the current year.

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.