Spotify Technology (NYSE:SPOT) Stock Price Target Lowered at UBS Group

by · The Markets Daily

Spotify Technology (NYSE:SPOT – Get Free Report) had its price target cut by research analysts at UBS Group from $690.00 to $675.00 in a research report issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. UBS Group’s target price would suggest a potential upside of 39.77% from the stock’s current price.

Several other brokerages have also issued reports on SPOT. Guggenheim restated a “buy” rating and issued a $565.00 target price on shares of Spotify Technology in a research note on Wednesday, August 5th. KeyCorp lowered their target price on Spotify Technology from $680.00 to $660.00 and set an “overweight” rating for the company in a research note on Thursday. Wells Fargo & Company cut their price target on shares of Spotify Technology from $600.00 to $570.00 and set an “overweight” rating on the stock in a report on Thursday, July 9th. Argus restated a “buy” rating and set a $600.00 price target on shares of Spotify Technology in a report on Thursday, August 13th. Finally, Rosenblatt Securities dropped their price objective on Spotify Technology from $531.00 to $527.00 and set a “neutral” rating for the company in a report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $592.75.

Get Our Latest Stock Analysis on SPOT

Spotify Technology Stock Up 2.1%

Shares of NYSE SPOT traded up $10.03 during midday trading on Monday, hitting $482.92. 830,305 shares of the company’s stock were exchanged, compared to its average volume of 2,229,436. The company’s 50 day moving average price is $517.86 and its 200 day moving average price is $493.57. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $700.12. The firm has a market capitalization of $99.42 billion, a PE ratio of 29.95, a price-to-earnings-growth ratio of 1.45 and a beta of 1.61.

Spotify Technology (NYSE:SPOT – Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported $3.03 EPS for the quarter, missing the consensus estimate of $3.16 by ($0.13). The firm had revenue of $5.45 billion during the quarter, compared to the consensus estimate of $5.47 billion. Spotify Technology had a net margin of 18.44% and a return on equity of 41.39%. Spotify Technology’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.42) earnings per share. On average, equities research analysts anticipate that Spotify Technology will post 13.85 EPS for the current year.

Insider Buying and Selling at Spotify Technology

In other news, CEO Alex Norström sold 5,436 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $502.10, for a total transaction of $2,729,415.60. Following the completion of the transaction, the chief executive officer directly owned 66,773 shares in the company, valued at approximately $33,526,723.30. This represents a 7.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gustav Söderström sold 20,913 shares of the business’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $544.19, for a total transaction of $11,380,645.47. Following the completion of the sale, the chief executive officer owned 20,025 shares in the company, valued at $10,897,404.75. This represents a 51.08% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 47,182 shares of company stock valued at $24,677,392 over the last ninety days. 0.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Spotify Technology

Several large investors have recently added to or reduced their stakes in the stock. Tsfg LLC increased its position in shares of Spotify Technology by 39.7% during the 2nd quarter. Tsfg LLC now owns 81 shares of the company’s stock valued at $37,000 after purchasing an additional 23 shares during the last quarter. Carl P. Sherr & Co. LLC raised its stake in shares of Spotify Technology by 0.7% in the first quarter. Carl P. Sherr & Co. LLC now owns 4,138 shares of the company’s stock valued at $2,007,000 after acquiring an additional 27 shares during the period. CNB Bank lifted its holdings in shares of Spotify Technology by 3.5% in the 4th quarter. CNB Bank now owns 831 shares of the company’s stock worth $483,000 after acquiring an additional 28 shares during the last quarter. Simplify Asset Management Inc. boosted its stake in shares of Spotify Technology by 3.1% during the 1st quarter. Simplify Asset Management Inc. now owns 1,074 shares of the company’s stock worth $521,000 after purchasing an additional 32 shares during the period. Finally, Arkadios Wealth Advisors grew its holdings in Spotify Technology by 7.5% during the 1st quarter. Arkadios Wealth Advisors now owns 474 shares of the company’s stock valued at $230,000 after purchasing an additional 33 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

About Spotify Technology

(Get Free Report)

Spotify Technology SA is a global audio streaming company that operates the Spotify platform. The service provides users with access to a broad catalog of music, podcasts and audiobooks, along with personalized recommendations, playlists and other discovery features.

Spotify offers a subscription-based Premium service with enhanced listening features, as well as an ad-supported service available at no direct cost to users. The company generates revenue primarily through Premium subscriptions and advertising, including audio, video and display advertising delivered across its platform.

Founded in 2006 by Daniel Ek and Martin Lorentzon, Spotify is headquartered in Stockholm, Sweden, and serves listeners, creators, advertisers and other partners across markets worldwide.

Featured Articles