Spotify Technology (NYSE:SPOT) Price Target Cut to $679.00 by Analysts at Rosenblatt Securities

Key Points

• Rosenblatt Securities has reduced Spotify Technology's price target from $703.00 to $679.00, maintaining a "neutral" rating on the stock, which suggests a potential upside of 9.44% from its current price.
• Spotify Technology's stock is currently experiencing a significant decline, down 11.5%, with a 52-week low of $300.57 and a high of $785.00.
• Despite recent challenges, Spotify Technology maintains a consensus rating of "Moderate Buy" among analysts, with an average price target of $726.07.

Spotify Technology (NYSE:SPOT - Get Free Report) had its target price reduced by analysts at Rosenblatt Securities from $703.00 to $679.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Rosenblatt Securities' price objective points to a potential upside of 7.01% from the company's current price.

Several other equities analysts have also commented on the company. Deutsche Bank Aktiengesellschaft upped their target price on Spotify Technology from $700.00 to $775.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. KeyCorp boosted their price objective on Spotify Technology from $640.00 to $860.00 and gave the company an "overweight" rating in a research report on Friday, July 11th. Evercore ISI upped their price objective on Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a research note on Monday, June 16th. Morgan Stanley raised their target price on Spotify Technology from $700.00 to $850.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Finally, Robert W. Baird boosted their price target on shares of Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Nine analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $718.90.

Spotify Technology Stock Up 1.3%

NYSE:SPOT traded up $7.98 during trading hours on Wednesday, reaching $634.52. 452,720 shares of the stock were exchanged, compared to its average volume of 2,327,524. The firm has a 50 day simple moving average of $701.27 and a 200-day simple moving average of $622.44. Spotify Technology has a 52 week low of $300.57 and a 52 week high of $785.00. The stock has a market capitalization of $129.89 billion, a P/E ratio of 154.03, a P/E/G ratio of 1.84 and a beta of 1.68.

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

Institutional Investors Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the business. QRG Capital Management Inc. lifted its position in shares of Spotify Technology by 36.3% during the 1st quarter. QRG Capital Management Inc. now owns 710 shares of the company's stock valued at $391,000 after acquiring an additional 189 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Spotify Technology by 38.1% in the 1st quarter. GAMMA Investing LLC now owns 1,305 shares of the company's stock worth $718,000 after acquiring an additional 360 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its position in shares of Spotify Technology by 16.0% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company's stock worth $4,699,000 after purchasing an additional 1,179 shares during the period. Fifth Third Bancorp lifted its holdings in shares of Spotify Technology by 30.7% during the first quarter. Fifth Third Bancorp now owns 302 shares of the company's stock valued at $166,000 after purchasing an additional 71 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Spotify Technology by 28.9% during the fourth 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. 84.09% of the stock is currently owned by institutional investors.

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.