Spotify Technology (NYSE:SPOT) Price Target Lowered to $531.00 at Rosenblatt Securities

Key Points

• Rosenblatt Securities trimmed its price target on Spotify Technology from $534 to $531 while maintaining a neutral rating, implying about 9.31% upside from the current share price.
• Other analysts have also been adjusting targets, but the broader consensus remains Moderate Buy with an average price target of $640.46.
• Spotify’s latest earnings beat expectations, with EPS of $4.04 versus the $3.41 estimate and revenue of $5.25 billion, up 8.2% year over year.

Spotify Technology (NYSE:SPOT - Get Free Report) had its price objective reduced by equities researchers at Rosenblatt Securities from $534.00 to $531.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Rosenblatt Securities' target price suggests a potential upside of 9.31% from the company's current price.

SPOT has been the topic of several other research reports. Benchmark cut their target price on Spotify Technology from $760.00 to $695.00 and set a "buy" rating on the stock in a research report on Wednesday, April 29th. Canaccord Genuity Group lowered their price target on Spotify Technology from $750.00 to $720.00 and set a "buy" rating for the company in a research report on Wednesday, April 29th. Guggenheim dropped their price objective on Spotify Technology from $600.00 to $565.00 and set a "buy" rating on the stock in a research note on Wednesday, April 29th. Citizens Jmp lifted their price objective on shares of Spotify Technology from $600.00 to $625.00 and gave the stock a "market outperform" rating in a report on Friday, May 22nd. Finally, KeyCorp reduced their target price on shares of Spotify Technology from $745.00 to $680.00 and set an "overweight" rating for the company in a research note on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Spotify Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $640.46.

Spotify Technology Price Performance

SPOT opened at $485.78 on Thursday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $748.30. The firm has a market capitalization of $100.01 billion, a PE ratio of 38.71, a P/E/G ratio of 1.21 and a beta of 1.56. The company's 50-day moving average is $469.36 and its 200 day moving average is $496.11.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.41 by $0.63. The business had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The company's quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.07 EPS. As a group, analysts expect that Spotify Technology will post 14.62 EPS for the current year.

Insider Activity

In related news, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the transaction, the director owned 4,039 shares in the company, valued at approximately $2,099,714.54. This represents a 39.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gustav Soderstrom sold 20,833 shares of the firm's stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $478.45, for a total transaction of $9,967,548.85. Following the sale, the chief executive officer owned 20,259 shares of the company's stock, valued at $9,692,918.55. This trade represents a 50.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 111,442 shares of company stock worth $54,757,553. 0.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SPOT. KERR FINANCIAL PLANNING Corp purchased a new stake in shares of Spotify Technology during the 3rd quarter worth approximately $26,000. Portus Wealth Advisors LLC bought a new position in Spotify Technology during the first quarter valued at $32,000. Kemnay Advisory Services Inc. bought a new position in Spotify Technology during the fourth quarter valued at $32,000. Whipplewood Advisors LLC increased its position in Spotify Technology by 423.1% in the first quarter. Whipplewood Advisors LLC now owns 68 shares of the company's stock worth $33,000 after buying an additional 55 shares during the last quarter. Finally, Palladiem LLC purchased a new stake in Spotify Technology in the first quarter worth $34,000. 84.09% of the stock is owned by institutional investors.

Spotify Technology Company Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.

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