Wells Fargo & Company Cuts Spotify Technology (NYSE:SPOT) Price Target to $570.00

Key Points

• Wells Fargo & Company lowered its price target on Spotify Technology to $570 from $600, while keeping an overweight rating. The new target still implies about 17.34% upside from the stock’s current price.
• Other analysts have also recently adjusted their views on Spotify, with target cuts from Goldman Sachs and Pivotal Research, while JPMorgan raised its target. Overall, the stock now carries a consensus Moderate Buy rating and a consensus price target of $640.46.
• Spotify reported better-than-expected quarterly results, including EPS of $4.04 versus the $3.41 estimate and revenue of $5.25 billion, up 8.2% year over year. Despite the strong earnings, the stock was trading down 1.7% at $485.78 on Thursday.

Spotify Technology (NYSE:SPOT - Get Free Report) had its price objective decreased by equities researchers at Wells Fargo & Company from $600.00 to $570.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's target price points to a potential upside of 17.34% from the stock's current price.

SPOT has been the subject of several other reports. The Goldman Sachs Group dropped their price objective on shares of Spotify Technology from $670.00 to $600.00 and set a "buy" rating for the company in a research note on Wednesday, April 29th. Weiss Ratings downgraded shares of Spotify Technology from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, June 23rd. Pivotal Research lowered their target price on shares of Spotify Technology from $420.00 to $400.00 and set a "hold" rating for the company in a report on Wednesday, April 29th. Wall Street Zen cut shares of Spotify Technology from a "buy" rating to a "hold" rating in a research note on Saturday, June 13th. Finally, JPMorgan Chase & Co. upped their price target on shares of Spotify Technology from $600.00 to $650.00 and gave the company an "overweight" rating in a report on Friday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $640.46.

Spotify Technology Trading Down 1.7%

SPOT opened at $485.78 on Thursday. The firm has a market cap of $100.01 billion, a P/E ratio of 38.71, a P/E/G ratio of 1.21 and a beta of 1.56. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $748.30. The stock has a 50-day moving average of $469.36 and a 200 day moving average of $496.11.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data 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 for 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% compared to the same quarter last year. During the same period in the prior year, the business posted $1.07 earnings per share. On average, research analysts forecast that Spotify Technology will post 14.62 earnings per share for the current fiscal year.

Insider Buying and Selling at Spotify Technology

In other news, Director Christopher P. Marshall sold 2,650 shares of the business's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total value of $1,377,629.00. Following the completion of the sale, the director owned 4,039 shares in the company, valued at approximately $2,099,714.54. The trade was a 39.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the company's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $525.73, for a total value of $18,600,327.40. Following the sale, the director owned 6,383 shares of the company's stock, valued at $3,355,734.59. This trade represents a 84.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 111,442 shares of company stock worth $54,757,553. Insiders own 0.40% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. KERR FINANCIAL PLANNING Corp acquired a new position in Spotify Technology during the 3rd quarter valued at approximately $26,000. Portus Wealth Advisors LLC acquired a new position in shares of Spotify Technology in the first quarter worth about $32,000. Kemnay Advisory Services Inc. acquired a new stake in Spotify Technology in the fourth quarter valued at approximately $32,000. Whipplewood Advisors LLC increased its holdings in Spotify Technology by 423.1% in the 1st quarter. Whipplewood Advisors LLC now owns 68 shares of the company's stock worth $33,000 after acquiring an additional 55 shares in the last quarter. Finally, Palladiem LLC acquired a new position in shares of Spotify Technology during the 1st quarter worth about $34,000. 84.09% of the stock is currently owned by hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.