Spotify Technology (NYSE:SPOT) Given New $625.00 Price Target at Barclays

Spotify Technology (NYSE:SPOT) had its price target lowered by Barclays from $700.00 to $625.00 in a research note released on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other equities research analysts have also issued research reports about the stock. The Goldman Sachs Group lowered shares of Spotify Technology from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $765.00 to $770.00 in a research note on Tuesday, September 30th. Wells Fargo & Company lowered their target price on shares of Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a report on Tuesday, January 13th. Benchmark cut their price target on Spotify Technology from $860.00 to $760.00 and set a “buy” rating on the stock in a research note on Friday, January 16th. UBS Group lowered their price objective on Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a research note on Friday, January 9th. Finally, Pivotal Research cut their target price on Spotify Technology from $900.00 to $875.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and an average target price of $741.40.

Spotify Technology Stock Performance

Spotify Technology stock opened at $510.37 on Tuesday. Spotify Technology has a fifty-two week low of $475.01 and a fifty-two week high of $785.00. The stock’s 50 day simple moving average is $577.78 and its two-hundred day simple moving average is $648.37. The stock has a market cap of $105.08 billion, a price-to-earnings ratio of 80.25, a PEG ratio of 0.96 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.87 by $1.96. The firm had revenue of $5.01 billion during the quarter, compared to analyst estimates of $4.23 billion. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The business’s revenue was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.45 EPS. On average, analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.

Institutional Investors Weigh In On Spotify Technology

Several large investors have recently bought and sold shares of the business. Knuff & Co LLC purchased a new stake in shares of Spotify Technology during the 2nd quarter valued at about $27,000. Total Investment Management Inc. purchased a new stake in Spotify Technology in the second quarter worth approximately $29,000. Heartwood Wealth Advisors LLC purchased a new stake in Spotify Technology in the third quarter worth approximately $27,000. Greykasell Wealth Strategies Inc. grew its position in Spotify Technology by 3,800.0% in the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after purchasing an additional 38 shares during the period. Finally, KERR FINANCIAL PLANNING Corp purchased a new stake in Spotify Technology during the 3rd quarter valued at $26,000. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Company Profile

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.