Spotify Technology (NYSE:SPOT – Get Free Report) had its price objective dropped by analysts at Benchmark from $695.00 to $650.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Benchmark’s price target points to a potential upside of 35.90% from the company’s previous close.
A number of other equities analysts have also recently issued reports on the company. Daiwa Securities Group began coverage on Spotify Technology in a report on Thursday, March 26th. They set an “outperform” rating and a $535.00 target price on the stock. Guggenheim reduced their price objective on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Rosenblatt Securities lowered their target price on shares of Spotify Technology from $534.00 to $531.00 and set a “neutral” rating for the company in a research note on Thursday, July 9th. Canaccord Genuity Group cut their target price on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $636.71.
Read Our Latest Stock Report on SPOT
Spotify Technology Stock Down 3.0%
Spotify Technology (NYSE:SPOT – Get Free Report) last announced its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping the consensus estimate of $3.41 by $0.63. The company had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.07 earnings per share. As a group, sell-side analysts expect that Spotify Technology will post 14.51 earnings per share for the current year.
Insider Buying and Selling
In other Spotify Technology news, Director Thomas O. Staggs sold 5,477 shares of the business’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 transaction of $2,880,902.00. Following the transaction, the director owned 3,619 shares of the company’s stock, valued at $1,903,594. The trade was a 60.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Gustav Soderstrom sold 20,833 shares of the business’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $430.72, for a total transaction of $8,973,189.76. Following the transaction, the chief executive officer owned 20,492 shares in the company, valued at approximately $8,826,314.24. The trade was a 50.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 111,442 shares of company stock worth $54,757,553 over the last three months. Company insiders own 0.40% of the company’s stock.
Hedge Funds Weigh In On Spotify Technology
Several institutional investors and hedge funds have recently made changes to their positions in the company. JPL Wealth Management LLC acquired a new stake in shares of Spotify Technology during the third quarter worth $35,000. Kemnay Advisory Services Inc. acquired a new position in shares of Spotify Technology in the fourth quarter valued at about $32,000. Newbridge Financial Services Group Inc. bought a new position in Spotify Technology during the fourth quarter worth about $35,000. Osbon Capital Management LLC bought a new position in Spotify Technology during the fourth quarter worth about $35,000. Finally, Wilmington Savings Fund Society FSB raised its stake in Spotify Technology by 85.7% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock worth $38,000 after purchasing 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.
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