Citigroup Upgrades Spotify Technology (NYSE:SPOT) to Buy

Spotify Technology (NYSE:SPOT) was upgraded by analysts at Citigroup from a “neutral” rating to a “buy” rating in a note issued to investors on Friday, Marketbeat Ratings reports. The brokerage currently has a $650.00 price target on the stock. Citigroup’s price objective points to a potential upside of 30.08% from the stock’s previous close.

SPOT has been the topic of several other research reports. Erste Group Bank lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Cantor Fitzgerald decreased their target price on Spotify Technology from $675.00 to $615.00 and set a “neutral” rating for the company in a research report on Thursday, January 8th. Pivotal Research cut their price target on Spotify Technology from $900.00 to $875.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Barclays reduced their price objective on Spotify Technology from $700.00 to $625.00 and set an “overweight” rating for the company in a research note on Tuesday, January 20th. Finally, Guggenheim lowered their target price on Spotify Technology from $800.00 to $750.00 and set a “buy” rating on the stock in a research report on Thursday, January 8th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $727.71.

Spotify Technology Trading Down 0.8%

SPOT stock opened at $499.69 on Friday. The stock has a market capitalization of $102.88 billion, a P/E ratio of 78.57, a price-to-earnings-growth ratio of 0.96 and a beta of 1.66. The firm has a 50-day moving average price of $558.79 and a 200-day moving average price of $637.01. Spotify Technology has a 12 month low of $475.01 and a 12 month high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, beating the consensus estimate of $1.87 by $1.96. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The business had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.23 billion. During the same quarter in the prior year, the firm earned $1.45 EPS. The firm’s revenue was up 7.1% compared to the same quarter last year. As a group, equities analysts predict 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 and other institutional investors have recently modified their holdings of the company. Joel Isaacson & Co. LLC raised its stake in shares of Spotify Technology by 1.0% in the second quarter. Joel Isaacson & Co. LLC now owns 1,551 shares of the company’s stock valued at $1,190,000 after purchasing an additional 15 shares in the last quarter. Ignite Planners LLC boosted its stake in Spotify Technology by 2.4% during the second quarter. Ignite Planners LLC now owns 637 shares of the company’s stock worth $489,000 after buying an additional 15 shares in the last quarter. Quadcap Wealth Management LLC increased its holdings in Spotify Technology by 5.7% in the 3rd quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock valued at $206,000 after buying an additional 16 shares during the period. Sage Mountain Advisors LLC raised its stake in shares of Spotify Technology by 6.3% in the 3rd quarter. Sage Mountain Advisors LLC now owns 289 shares of the company’s stock valued at $201,000 after buying an additional 17 shares in the last quarter. Finally, Cloud Capital Management LLC lifted its holdings in shares of Spotify Technology by 4.8% during the 2nd quarter. Cloud Capital Management LLC now owns 392 shares of the company’s stock worth $301,000 after acquiring an additional 18 shares during the period. 84.09% of the stock is currently owned by hedge funds and other 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.