Evercore ISI Lowers Spotify Technology (NYSE:SPOT) Price Target to $650.00

Spotify Technology (NYSE:SPOT - Get Free Report) had its price objective decreased by investment analysts at Evercore ISI from $700.00 to $650.00 in a report released on Wednesday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Evercore ISI's price objective suggests a potential upside of 1.12% from the company's previous close.

SPOT has been the subject of a number of other research reports. Rosenblatt Securities cut their price objective on Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a research report on Wednesday. Redburn Atlantic began coverage on Spotify Technology in a report on Tuesday, March 11th. They set a "neutral" rating and a $545.00 target price for the company. Canaccord Genuity Group increased their price target on Spotify Technology from $650.00 to $700.00 and gave the company a "buy" rating in a research report on Wednesday, February 5th. FBN Securities began coverage on Spotify Technology in a report on Friday, March 28th. They set a "sector perform" rating and a $645.00 price objective on the stock. Finally, Cantor Fitzgerald decreased their target price on shares of Spotify Technology from $600.00 to $520.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Eight investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $604.76.

Spotify Technology Trading Up 6.7 %

SPOT stock traded up $40.51 during trading hours on Wednesday, hitting $642.77. 4,848,856 shares of the stock traded hands, compared to its average volume of 2,162,090. The stock has a 50-day simple moving average of $570.40 and a 200 day simple moving average of $514.59. The company has a market cap of $131.58 billion, a P/E ratio of 108.03 and a beta of 1.75. Spotify Technology has a one year low of $286.21 and a one year high of $653.32.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data 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). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter last year, the business posted $0.97 EPS. The business's revenue for the quarter was up 15.2% on a year-over-year basis. Analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

Hedge Funds Weigh In On Spotify Technology

Several institutional investors have recently bought and sold shares of the stock. Mpwm Advisory Solutions LLC acquired a new position in shares of Spotify Technology during the 4th quarter valued at about $26,000. Hillsdale Investment Management Inc. acquired a new position in Spotify Technology during the fourth quarter valued at approximately $27,000. Tsfg LLC bought a new position in shares of Spotify Technology in the first quarter valued at approximately $28,000. Copia Wealth Management bought a new stake in shares of Spotify Technology during the 4th quarter worth $29,000. Finally, Cornerstone Planning Group LLC grew its stake in Spotify Technology by 512.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock valued at $29,000 after buying an additional 41 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Company Profile

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.