Spotify Technology (NYSE:SPOT) Cut to “Hold” at Wall Street Zen
by Mitch Edgeman · The Markets DailyWall Street Zen lowered shares of Spotify Technology (NYSE:SPOT – Free Report) from a buy rating to a hold rating in a research note published on Saturday.
A number of other analysts have also recently weighed in on the company. Arete Research upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price target on the stock in a research report on Thursday, February 26th. Morgan Stanley started coverage on Spotify Technology in a research report on Monday, April 13th. They set an “overweight” rating and a $630.00 price target on the stock. Pivotal Research cut Spotify Technology from a “buy” rating to a “hold” rating and dropped their price target for the stock from $875.00 to $420.00 in a research report on Wednesday, February 11th. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $735.00 to $700.00 in a research report on Friday, January 23rd. Finally, Benchmark dropped their price target on Spotify Technology from $860.00 to $760.00 and set a “buy” rating on the stock in a research report on Friday, January 16th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and an average target price of $691.21.
Check Out Our Latest Report on Spotify Technology
Spotify Technology Trading Up 0.1%
Shares of Spotify Technology stock opened at $536.99 on Friday. The business’s 50 day simple moving average is $496.86 and its 200-day simple moving average is $555.97. The stock has a market capitalization of $110.56 billion, a price-to-earnings ratio of 55.70, a PEG ratio of 1.18 and a beta of 1.70. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00.
Spotify Technology (NYSE:SPOT – Get Free Report) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $3.16 by $2.00. The business had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The business’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.88 EPS. Sell-side analysts predict that Spotify Technology will post 15.55 earnings per share for the current year.
Insider Buying and Selling
In related news, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total value 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 represents a 7.21% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Gustav Soderstrom sold 20,833 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $473.52, for a total value of $9,864,842.16. Following the completion of the transaction, the chief executive officer directly owned 20,609 shares of the company’s stock, valued at $9,758,773.68. This trade represents a 50.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.40% of the company’s stock.
Hedge Funds Weigh In On Spotify Technology
A number of institutional investors and hedge funds have recently added to or reduced their stakes in SPOT. Norges Bank bought a new position in Spotify Technology in the 4th quarter worth approximately $711,460,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Spotify Technology by 1,382.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,182 shares of the company’s stock worth $724,251,000 after buying an additional 1,163,045 shares in the last quarter. Capital World Investors grew its holdings in Spotify Technology by 40.7% in the 3rd quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock worth $1,906,260,000 after buying an additional 789,755 shares in the last quarter. Capital Research Global Investors bought a new position in Spotify Technology in the 3rd quarter worth approximately $512,190,000. Finally, Coatue Management LLC grew its holdings in 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 buying an additional 647,708 shares in the last quarter. 84.09% of the stock is owned by institutional investors.
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.