UBS Group Cuts Spotify Technology (NYSE:SPOT) Price Target to $175.00

Spotify Technology (NYSE:SPOTGet Rating) had its price target lowered by stock analysts at UBS Group from $220.00 to $175.00 in a report released on Thursday, The Fly reports. The firm currently has a “buy” rating on the stock. UBS Group’s target price would suggest a potential upside of 81.03% from the company’s previous close.

SPOT has been the subject of a number of other research reports. Citigroup raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and cut their price objective for the company from $275.00 to $240.00 in a research report on Monday, January 31st. Canaccord Genuity Group cut their price objective on shares of Spotify Technology from $300.00 to $250.00 and set a “buy” rating for the company in a research report on Thursday, February 3rd. KeyCorp dropped their price target on shares of Spotify Technology from $260.00 to $235.00 and set an “overweight” rating for the company in a research report on Thursday, April 14th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Spotify Technology from $140.00 to $115.00 in a research report on Thursday. Finally, Rosenblatt Securities started coverage on shares of Spotify Technology in a research report on Tuesday, April 19th. They set a “neutral” rating and a $150.00 price target for the company. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology has a consensus rating of “Hold” and a consensus price target of $218.97.

NYSE:SPOT opened at $96.67 on Thursday. The firm has a 50 day simple moving average of $139.14 and a 200-day simple moving average of $199.56. The firm has a market cap of $18.39 billion, a PE ratio of -77.34 and a beta of 1.67. Spotify Technology has a 1-year low of $95.74 and a 1-year high of $305.60.

Spotify Technology (NYSE:SPOTGet Rating) last posted its quarterly earnings data on Wednesday, April 27th. The company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.40. The business had revenue of $2.66 billion during the quarter, compared to analyst estimates of $2.61 billion. Spotify Technology had a negative net margin of 0.34% and a negative return on equity of 1.27%. The company’s revenue was up 23.9% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.30) earnings per share. Equities analysts expect that Spotify Technology will post -0.14 earnings per share for the current year.

A number of large investors have recently bought and sold shares of SPOT. UMB Bank N A MO acquired a new position in Spotify Technology in the fourth quarter worth about $26,000. Lazard Asset Management LLC acquired a new position in Spotify Technology in the fourth quarter worth about $26,000. MUFG Americas Holdings Corp acquired a new position in Spotify Technology in the fourth quarter worth about $29,000. IFP Advisors Inc grew its stake in Spotify Technology by 71.6% in the fourth quarter. IFP Advisors Inc now owns 151 shares of the company’s stock worth $35,000 after purchasing an additional 63 shares in the last quarter. Finally, Fifth Third Bancorp boosted its stake in Spotify Technology by 55.0% in the fourth quarter. Fifth Third Bancorp now owns 155 shares of the company’s stock valued at $36,000 after acquiring an additional 55 shares during the period. Institutional investors and hedge funds own 56.36% of the company’s stock.

Spotify Technology Company Profile (Get Rating)

Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.

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