Spotify Technology (NYSE:SPOT) Given Average Rating of “Moderate Buy” by Brokerages

Spotify Technology (NYSE:SPOT) has been assigned a consensus rating of “Moderate Buy” from the twenty-six brokerages that are currently covering the company, Marketbeat reports. Six investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $630.6957.

SPOT has been the topic of a number of analyst reports. Cantor Fitzgerald raised their target price on Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a research report on Tuesday, May 26th. Daiwa Securities Group assumed coverage on Spotify Technology in a research note on Thursday, March 26th. They issued an “outperform” rating and a $535.00 price target for the company. Rosenblatt Securities reduced their price target on Spotify Technology from $534.00 to $531.00 and set a “neutral” rating for the company in a report on Thursday, July 9th. Canaccord Genuity Group lowered their price target on Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Finally, KeyCorp dropped their price objective on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $470.04 on Friday. The stock has a market capitalization of $96.77 billion, a price-to-earnings ratio of 37.45, a PEG ratio of 1.17 and a beta of 1.56. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $748.30. The firm’s 50 day simple moving average is $480.69 and its 200-day simple moving average is $488.40.

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

Insider Buying and Selling at Spotify Technology

In other news, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the transaction, the director owned 4,039 shares in the company, valued at $2,099,714.54. This trade represents a 39.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction on Monday, July 6th. The shares were 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 directly owned 67,582 shares in the company, valued at $32,497,480.52. This represents a 7.44% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 111,442 shares of company stock worth $54,757,553. 0.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPOT. Sivia Capital Partners LLC purchased a new position in Spotify Technology in the 2nd quarter valued at about $312,000. Jump Financial LLC increased its stake in Spotify Technology by 5.2% during the 2nd quarter. Jump Financial LLC now owns 1,132 shares of the company’s stock worth $869,000 after buying an additional 56 shares in the last quarter. Cary Street Partners Financial LLC purchased a new stake in Spotify Technology during the 2nd quarter worth approximately $178,000. NewEdge Advisors LLC raised its holdings in shares of Spotify Technology by 36.9% during the second quarter. NewEdge Advisors LLC now owns 12,650 shares of the company’s stock valued at $9,707,000 after acquiring an additional 3,412 shares during the last quarter. Finally, Glenview Trust co acquired a new position in shares of Spotify Technology during the second quarter valued at approximately $298,000. 84.09% of the stock is 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.