Argus Reiterates "Buy" Rating for Spotify Technology (NYSE:SPOT)

Key Points

• Argus reiterated a “Buy” rating on Spotify Technology and set a $600 price target, implying approximately 23% upside from the reported current price.
• Analyst sentiment remains positive overall, with Spotify holding a “Moderate Buy” consensus rating and an average price target of $618.86, though several firms recently lowered their targets.
• Spotify shares opened at $487.69 and were reported down 2.7%; insiders have sold roughly $59.1 million in stock over the past 90 days, while institutional investors own 84.09% of the company.

Spotify Technology (NYSE:SPOT - Get Free Report)'s stock had its "buy" rating restated by analysts at Argus in a research note issued on Thursday,Benzinga reports. They presently have a $600.00 price target on the stock. Argus' price target would indicate a potential upside of 23.03% from the stock's current price.

Other research analysts have also issued reports about the stock. Wells Fargo & Company cut their target price on shares of Spotify Technology from $600.00 to $570.00 and set an "overweight" rating for the company in a report on Thursday, July 9th. Cantor Fitzgerald lifted their price objective on shares of Spotify Technology from $510.00 to $530.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 5th. Guggenheim restated a "buy" rating and issued a $565.00 target price on shares of Spotify Technology in a report on Wednesday, August 5th. The Goldman Sachs Group decreased their target price on shares of Spotify Technology from $670.00 to $600.00 and set a "buy" rating on the stock in a research report on Wednesday, April 29th. Finally, KeyCorp lowered their price target on shares of Spotify Technology from $745.00 to $680.00 and set an "overweight" rating for the company in a report on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $618.86.

Spotify Technology Trading Down 2.7%

SPOT stock opened at $487.69 on Thursday. The firm's 50-day moving average price is $483.07 and its two-hundred day moving average price is $484.91. The stock has a market capitalization of $100.41 billion, a price-to-earnings ratio of 30.37, a PEG ratio of 1.22 and a beta of 1.58. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $748.30.

Insider Activity

In related news, Director Thomas O. Staggs sold 5,477 shares of the company's stock in a transaction 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 of the company's stock, valued at $1,903,594. This represents a 60.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gustav Soderstrom sold 20,833 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $507.24, for a total value of $10,567,330.92. Following the completion of the transaction, the chief executive officer directly owned 20,142 shares in the company, valued at $10,216,828.08. This represents a 50.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 116,878 shares of company stock worth $59,081,110. Company insiders own 0.40% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Quadcap Wealth Management LLC lifted its position in shares of Spotify Technology by 5.7% during 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 in the last quarter. Objectivity Squared LLC grew its position in shares of Spotify Technology by 0.8% in the fourth quarter. Objectivity Squared LLC now owns 2,582 shares of the company's stock valued at $1,499,000 after purchasing an additional 20 shares during the period. Condor Capital Management raised its position in shares of Spotify Technology by 2.6% during the 4th quarter. Condor Capital Management now owns 990 shares of the company's stock worth $575,000 after purchasing an additional 25 shares during the last quarter. Carl P. Sherr & Co. LLC lifted its stake in Spotify Technology by 0.7% in the 1st quarter. Carl P. Sherr & Co. LLC now owns 4,138 shares of the company's stock valued at $2,007,000 after buying an additional 27 shares in the last quarter. Finally, Legacy Advisors LLC increased its stake in Spotify Technology by 1.1% during the 4th quarter. Legacy Advisors LLC now owns 2,622 shares of the company's stock worth $1,523,000 after buying an additional 28 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

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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