Morgan Stanley Lowers Spotify Technology (NYSE:SPOT) Price Target to $800.00

Key Points

• Morgan Stanley has reduced its target price for Spotify Technology's stock from $850.00 to $800.00, while maintaining an "overweight" rating, suggesting a potential upside of 25.40% from the stock's previous close.
• Various analysts have mixed views, with DZ Bank upgrading Spotify to "hold" with a target of $652.00, while Pivotal Research increased its target to $900.00 with a "buy" rating.
• Spotify's stock was trading at $637.97, having seen a 2.9% increase in midday trading, with a market cap of $130.60 billion alongside recent earnings reporting a revenue of $4.41 billion.

Spotify Technology (NYSE:SPOT - Free Report) had its price objective reduced by Morgan Stanley from $850.00 to $800.00 in a report issued on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

Several other research analysts have also issued reports on the stock. Barclays decreased their price target on shares of Spotify Technology from $800.00 to $750.00 and set an "overweight" rating for the company in a research note on Wednesday. Benchmark dropped their price objective on shares of Spotify Technology from $840.00 to $800.00 and set a "buy" rating on the stock in a research note on Wednesday. Loop Capital boosted their price objective on shares of Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a research note on Friday, May 2nd. KeyCorp dropped their price objective on shares of Spotify Technology from $860.00 to $830.00 and set an "overweight" rating on the stock in a research note on Wednesday. Finally, Phillip Securities raised shares of Spotify Technology to a "moderate sell" rating in a research note on Monday, May 5th. Nine equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $718.90.

Spotify Technology Price Performance

NYSE:SPOT traded up $7.81 during trading hours on Wednesday, hitting $634.35. The company had a trading volume of 1,065,838 shares, compared to its average volume of 2,332,439. The company has a market capitalization of $129.86 billion, a PE ratio of 154.03, a price-to-earnings-growth ratio of 1.84 and a beta of 1.68. The stock has a 50-day moving average price of $701.27 and a 200 day moving average price of $622.44. Spotify Technology has a 52 week low of $300.57 and a 52 week high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The business's revenue was up 15.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.97 EPS. Analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently made changes to their positions in SPOT. Vanguard Group Inc. increased its position in shares of Spotify Technology by 28.9% during the 4th quarter. Vanguard Group Inc. now owns 885,795 shares of the company's stock valued at $396,287,000 after purchasing an additional 198,718 shares during the last quarter. Blair William & Co. IL increased its position in shares of Spotify Technology by 84.8% during the 4th quarter. Blair William & Co. IL now owns 1,292 shares of the company's stock valued at $578,000 after purchasing an additional 593 shares during the last quarter. HighPoint Advisor Group LLC increased its position in shares of Spotify Technology by 35.3% during the 4th quarter. HighPoint Advisor Group LLC now owns 1,207 shares of the company's stock valued at $540,000 after purchasing an additional 315 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Spotify Technology by 561.6% during the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after purchasing an additional 1,259,183 shares during the last quarter. Finally, Huntington National Bank increased its position in shares of Spotify Technology by 131.6% during the 4th quarter. Huntington National Bank now owns 653 shares of the company's stock valued at $292,000 after purchasing an additional 371 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

About Spotify Technology

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.