Spotify Technology (NYSE:SPOT) Price Target Cut to $750.00 by Analysts at Barclays

Key Points

• Barclays has reduced its target price for Spotify Technology from $800 to $750 while maintaining an "overweight" rating, indicating a potential upside of 17.56% from the current price.
• Other analysts have also adjusted their ratings, with KeyCorp decreasing its target to $830 and Oppenheimer raising it to $800, contributing to an average target price of $718.90 across the market.
• Spotify's stock performance continues to fluctuate, trading at $637.97 after a gain of $17.96, amidst varying ratings and price targets from multiple equity analysts.

Spotify Technology (NYSE:SPOT - Free Report) had its price target lowered by Barclays from $800.00 to $750.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

SPOT has been the topic of several other research reports. Oppenheimer raised Spotify Technology from a "market perform" rating to an "outperform" rating and set a $800.00 price objective on the stock in a research note on Thursday, July 24th. Guggenheim lifted their target price on Spotify Technology from $725.00 to $840.00 and gave the company a "buy" rating in a research note on Wednesday, June 25th. KeyCorp dropped their price target on Spotify Technology from $860.00 to $830.00 and set an "overweight" rating for the company in a research note on Wednesday. Pivotal Research increased their price objective on shares of Spotify Technology from $800.00 to $900.00 and gave the company a "buy" rating in a report on Tuesday, June 17th. Finally, Canaccord Genuity Group increased their price objective on shares of Spotify Technology from $775.00 to $850.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Nine analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $718.90.

Spotify Technology Trading Up 0.1%

SPOT stock traded up $0.61 during trading on Wednesday, reaching $627.15. The stock had a trading volume of 2,529,175 shares, compared to its average volume of 2,387,677. Spotify Technology has a 52 week low of $300.57 and a 52 week high of $785.00. The stock's 50 day moving average is $700.71 and its two-hundred day moving average is $623.58. The firm has a market cap of $128.38 billion, a PE ratio of 152.22, a PEG ratio of 2.56 and a beta of 1.70.

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

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently modified their holdings of SPOT. Goldman Sachs Group Inc. boosted its holdings in shares of Spotify Technology by 1,151.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company's stock worth $957,494,000 after purchasing an additional 1,601,653 shares during the period. Jennison Associates LLC boosted its holdings in shares of Spotify Technology by 42.3% in the 1st quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock worth $2,336,494,000 after purchasing an additional 1,262,614 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Spotify Technology by 561.6% in the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock worth $659,841,000 after purchasing an additional 1,259,183 shares during the period. Janus Henderson Group PLC lifted its stake in shares of Spotify Technology by 325.9% during the 4th quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company's stock worth $503,316,000 after acquiring an additional 861,232 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Spotify Technology by 103.7% during the 4th quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock worth $638,367,000 after acquiring an additional 726,245 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.