Evercore ISI Cuts Spotify Technology (NYSE:SPOT) Price Target to $650.00

Spotify Technology (NYSE:SPOT) had its price objective lowered by Evercore ISI from $700.00 to $650.00 in a report published on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other equities research analysts have also recently commented on SPOT. Cantor Fitzgerald lowered their price target on Spotify Technology from $600.00 to $520.00 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. Wolfe Research upgraded shares of Spotify Technology from a “peer perform” rating to an “outperform” rating and set a $660.00 price target on the stock in a research note on Monday, April 21st. China Renaissance began coverage on shares of Spotify Technology in a research note on Wednesday, March 26th. They issued a “buy” rating and a $740.00 price objective for the company. Macquarie upped their price objective on shares of Spotify Technology from $600.00 to $665.00 and gave the stock an “outperform” rating in a report on Friday, April 25th. Finally, UBS Group cut their target price on Spotify Technology from $690.00 to $680.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Eight research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and an average price target of $604.76.

Spotify Technology Stock Performance

Spotify Technology stock opened at $642.77 on Wednesday. Spotify Technology has a twelve month low of $286.21 and a twelve month high of $653.32. The firm has a market cap of $131.58 billion, a PE ratio of 108.03 and a beta of 1.75. The firm’s 50 day moving average price is $570.40 and its two-hundred day moving average price is $514.59.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($1.16). The firm had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. Spotify Technology’s revenue was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.97 earnings per share. Equities analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

A number of hedge funds have recently made changes to their positions in the business. Forum Financial Management LP boosted its position in shares of Spotify Technology by 15.5% during the 1st quarter. Forum Financial Management LP now owns 1,210 shares of the company’s stock valued at $666,000 after acquiring an additional 162 shares in the last quarter. Verdence Capital Advisors LLC acquired a new stake in Spotify Technology during the first quarter valued at approximately $207,000. Cable Hill Partners LLC grew its stake in shares of Spotify Technology by 54.1% in the 1st quarter. Cable Hill Partners LLC now owns 1,177 shares of the company’s stock valued at $647,000 after purchasing an additional 413 shares during the period. Victory Capital Management Inc. raised its holdings in shares of Spotify Technology by 44.0% in the 1st quarter. Victory Capital Management Inc. now owns 64,258 shares of the company’s stock worth $35,344,000 after buying an additional 19,647 shares in the last quarter. Finally, Bridgewater Advisors Inc. acquired a new position in shares of Spotify Technology in the 1st quarter worth approximately $409,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Company Profile

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