Spotify Technology (NYSE:SPOT) Price Target Lowered to $650.00 at Benchmark

Spotify Technology (NYSE:SPOT) had its price objective reduced by Benchmark from $695.00 to $650.00 in a research report sent to investors on Wednesday,Benzinga reports. Benchmark currently has a buy rating on the stock.

SPOT has been the topic of several other research reports. Rosenblatt Securities cut their target price on Spotify Technology from $534.00 to $531.00 and set a “neutral” rating on the stock in a research report on Thursday, July 9th. Barclays boosted their price target on Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Wall Street Zen upgraded Spotify Technology from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. UBS Group reduced their price objective on shares of Spotify Technology from $735.00 to $690.00 and set a “buy” rating for the company in a research report on Friday, July 10th. Finally, KeyCorp lowered their price objective on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a research note on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $630.70.

Spotify Technology Stock Down 3.8%

SPOT stock opened at $474.72 on Wednesday. The firm has a market cap of $97.74 billion, a price-to-earnings ratio of 37.83, a PEG ratio of 1.22 and a beta of 1.56. The company’s fifty day simple moving average is $479.93 and its 200 day simple moving average is $489.13. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $748.30.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The firm had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. During the same period last year, the business posted $1.07 EPS. The business’s revenue was up 8.2% compared to the same quarter last year. Research analysts expect that Spotify Technology will post 14.51 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Alex Norstrom sold 5,436 shares of the business’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $480.86, for a total transaction of $2,613,954.96. Following the completion of the sale, the chief executive officer owned 67,582 shares in the company, valued at $32,497,480.52. The trade was a 7.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Thomas O. Staggs sold 5,477 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total value of $2,880,902.00. Following the transaction, the director directly owned 3,619 shares in the company, valued at $1,903,594. The trade was a 60.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 111,442 shares of company stock valued at $54,757,553. 0.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Spotify Technology

Hedge funds have recently bought and sold shares of the business. JPL Wealth Management LLC acquired a new position in shares of Spotify Technology during the third quarter valued at about $35,000. Kemnay Advisory Services Inc. bought a new stake in shares of Spotify Technology during the fourth quarter worth about $32,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of Spotify Technology in the 4th quarter worth about $35,000. Osbon Capital Management LLC bought a new position in Spotify Technology in the 4th quarter valued at about $35,000. Finally, Wilmington Savings Fund Society FSB lifted its position in Spotify Technology by 85.7% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock valued at $38,000 after acquiring an additional 30 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

About Spotify Technology

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.