UBS Group Issues Pessimistic Forecast for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its price target decreased by equities researchers at UBS Group from $895.00 to $850.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. UBS Group’s price objective suggests a potential upside of 35.69% from the company’s previous close.

SPOT has been the subject of a number of other research reports. Wolfe Research upgraded shares of Spotify Technology from a “peer perform” rating to an “outperform” rating and set a $660.00 price target for the company in a research note on Monday, April 21st. Guggenheim boosted their target price on shares of Spotify Technology from $725.00 to $840.00 and gave the stock a “buy” rating in a research report on Wednesday, June 25th. Phillip Securities raised shares of Spotify Technology to a “moderate sell” rating in a research report on Monday, May 5th. Robert W. Baird boosted their price objective on Spotify Technology from $700.00 to $730.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. Finally, JPMorgan Chase & Co. increased their target price on Spotify Technology from $730.00 to $780.00 and gave the stock an “overweight” rating in a report on Friday, July 11th. Nine analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $718.90.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $626.44 on Wednesday. Spotify Technology has a 1-year low of $300.57 and a 1-year high of $785.00. The company has a market capitalization of $128.24 billion, a price-to-earnings ratio of 152.05, a PEG ratio of 1.84 and a beta of 1.68. The business has a 50-day moving average of $701.27 and a 200-day moving average of $622.44.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). The firm had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.22 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. Spotify Technology’s revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.97 earnings per share. Research analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Resonant Capital Advisors LLC boosted its position in Spotify Technology by 24.8% during the 2nd quarter. Resonant Capital Advisors LLC now owns 588 shares of the company’s stock worth $451,000 after acquiring an additional 117 shares during the period. Wealthfront Advisers LLC lifted its position in shares of Spotify Technology by 19.4% in the second quarter. Wealthfront Advisers LLC now owns 1,401 shares of the company’s stock worth $1,075,000 after purchasing an additional 228 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its position in shares of Spotify Technology by 18.0% in the second quarter. Oppenheimer Asset Management Inc. now owns 9,280 shares of the company’s stock worth $7,121,000 after purchasing an additional 1,416 shares in the last quarter. Ingalls & Snyder LLC acquired a new stake in shares of Spotify Technology during the second quarter worth approximately $348,000. Finally, Anthracite Investment Company Inc. grew its position in Spotify Technology by 16.7% during the second quarter. Anthracite Investment Company Inc. now owns 7,000 shares of the company’s stock valued at $5,371,000 after purchasing an additional 1,000 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

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.