Spotify Technology (NYSE:SPOT) Price Target Lowered to $850.00 at UBS Group

Key Points

• UBS Group has revised down its price target for Spotify Technology from $895.00 to $850.00, while maintaining a "buy" rating that indicates a potential upside of 34.01% from the current stock price.
• Other brokerages show varying target prices, with Deutsche Bank raising its target to $775.00 and Bank of America increasing it to $900.00, highlighting a strong interest among analysts.
• Spotify's stock recently rose by 2.3% during trading, reaching $634.29, and has a market capitalization of approximately $129.84 billion.

Spotify Technology (NYSE:SPOT - Get Free Report) had its price target reduced by UBS Group from $895.00 to $850.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. UBS Group's target price indicates a potential upside of 35.53% from the stock's previous close.

A number of other equities analysts also recently weighed in on the stock. Benchmark dropped their target price on shares of Spotify Technology from $840.00 to $800.00 and set a "buy" rating for the company in a research note on Wednesday. Canaccord Genuity Group boosted their price objective on shares of Spotify Technology from $775.00 to $850.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Phillip Securities upgraded Spotify Technology to a "moderate sell" rating in a research report on Monday, May 5th. KeyCorp dropped their target price on Spotify Technology from $860.00 to $830.00 and set an "overweight" rating for the company in a research report on Wednesday. Finally, Wolfe Research raised Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price target on the stock in a research note on Monday, April 21st. Nine analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $718.90.

Spotify Technology Stock Performance

Spotify Technology stock traded up $0.61 during trading hours on Wednesday, hitting $627.15. 2,529,175 shares of the stock were exchanged, compared to its average volume of 2,387,677. Spotify Technology has a 12 month low of $300.57 and a 12 month high of $785.00. The business's 50-day moving average is $700.71 and its two-hundred day moving average is $623.58. The stock has a market capitalization of $128.38 billion, a P/E 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 quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($1.16). The business had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The company's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.97 EPS. On average, equities analysts predict that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Several large investors have recently modified their holdings of the business. Jennison Associates LLC grew its position 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 valued at $2,336,494,000 after purchasing an additional 1,262,614 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in Spotify Technology by 3.3% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company's stock valued at $1,939,949,000 after buying an additional 112,553 shares in the last quarter. FMR LLC boosted its holdings in shares of Spotify Technology by 30.2% in the fourth quarter. FMR LLC now owns 2,041,387 shares of the company's stock valued at $913,276,000 after buying an additional 473,569 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Spotify Technology by 1,151.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company's stock worth $957,494,000 after acquiring an additional 1,601,653 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of Spotify Technology by 10.3% during the first quarter. Northern Trust Corp now owns 1,574,482 shares of the company's stock worth $866,012,000 after acquiring an additional 147,580 shares in 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.