Benchmark Has Lowered Expectations for Spotify Technology (NYSE:SPOT) Stock Price

Key Points

• Spotify Technology had its price target lowered from $840.00 to $800.00 by Benchmark analysts, maintaining a "buy" rating and indicating a potential upside of 27.24% from the current price.
• Various research firms have adjusted their price objectives for Spotify, with Bank of America setting a target at $900.00 and UBS Group at $895.00, while the consensus target price now stands at $723.73.
• Spotify reported $1.13 EPS for the last quarter, missing the consensus estimate, yet its revenue grew by 15.2% year-over-year to $4.41 billion.

Spotify Technology (NYSE:SPOT - Free Report) had its price target reduced by Benchmark from $840.00 to $800.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

SPOT has been the topic of a number of other reports. Rosenblatt Securities reduced their price target on shares of Spotify Technology from $703.00 to $679.00 and set a "neutral" rating on the stock in a research note on Wednesday. Guggenheim boosted their price target on shares of Spotify Technology from $725.00 to $840.00 and gave the company a "buy" rating in a research note on Wednesday, June 25th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Spotify Technology from $700.00 to $775.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. The Goldman Sachs Group upped their target price on shares of Spotify Technology from $680.00 to $775.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Finally, Evercore ISI upped their target price on shares of Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a research note on Monday, June 16th. Nine analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology presently has an average rating of "Moderate Buy" and a consensus target price of $718.90.

Spotify Technology Trading Up 0.1%

SPOT stock traded up $0.61 during trading on Wednesday, reaching $627.15. 2,529,175 shares of the stock were exchanged, compared to its average volume of 2,387,677. The business has a 50 day moving average price of $700.71 and a 200-day moving average price of $623.58. Spotify Technology has a 1 year low of $300.57 and a 1 year high of $785.00. The firm has a market capitalization of $128.38 billion, a price-to-earnings ratio of 152.22, a P/E/G ratio of 2.56 and a beta of 1.70.

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

Institutional Trading of Spotify Technology

Several institutional investors and hedge funds have recently bought and sold shares of the business. Joel Isaacson & Co. LLC raised its position in Spotify Technology by 1.0% in the 2nd quarter. Joel Isaacson & Co. LLC now owns 1,551 shares of the company's stock valued at $1,190,000 after purchasing an additional 15 shares during the last quarter. Ignite Planners LLC raised its position in Spotify Technology by 2.4% during the 2nd quarter. Ignite Planners LLC now owns 637 shares of the company's stock worth $489,000 after buying an additional 15 shares during the last quarter. Hartford Investment Management Co. raised its position in Spotify Technology by 1.1% during the 1st quarter. Hartford Investment Management Co. now owns 1,449 shares of the company's stock worth $797,000 after buying an additional 16 shares during the last quarter. Stonekeep Investments LLC raised its position in Spotify Technology by 2.1% during the 2nd quarter. Stonekeep Investments LLC now owns 773 shares of the company's stock worth $593,000 after buying an additional 16 shares during the last quarter. Finally, Moody National Bank Trust Division raised its position in Spotify Technology by 0.5% during the 2nd quarter. Moody National Bank Trust Division now owns 2,931 shares of the company's stock worth $2,249,000 after buying an additional 16 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

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.