Spotify Technology (NYSE:SPOT) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of Spotify Technology (NYSE:SPOT) from a buy rating to a hold rating in a report published on Saturday morning.

Several other brokerages have also issued reports on SPOT. Citizens Jmp increased their price target on Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a report on Friday, May 22nd. Cantor Fitzgerald boosted their price objective on Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a report on Tuesday, May 26th. Benchmark lowered their target price on Spotify Technology from $695.00 to $650.00 and set a “buy” rating on the stock in a research report on Wednesday, July 22nd. Canaccord Genuity Group cut their target price on Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Finally, Rosenblatt Securities reduced their price target on shares of Spotify Technology from $534.00 to $531.00 and set a “neutral” rating for the company in a research report on Thursday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $630.70.

Spotify Technology Trading Up 2.6%

Shares of NYSE SPOT opened at $495.05 on Friday. The firm has a market capitalization of $101.92 billion, a P/E ratio of 39.45, a P/E/G ratio of 1.19 and a beta of 1.56. The firm’s 50-day moving average price is $482.63 and its 200-day moving average price is $487.08. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $748.30.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating the consensus estimate of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The company had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. During the same period last year, the business posted $1.07 EPS. The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. Equities research analysts forecast that Spotify Technology will post 14.51 EPS for the current year.

Insider Buying and Selling

In other news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the firm’s stock in a transaction that occurred 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 transaction, the director owned 6,383 shares in the company, valued at $3,355,734.59. This trade represents a 84.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $430.72, for a total value of $8,973,189.76. Following the transaction, the chief executive officer directly owned 20,492 shares in the company, valued at approximately $8,826,314.24. The trade was a 50.41% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 111,442 shares of company stock valued at $54,757,553. 0.40% of the stock is currently owned by company insiders.

Institutional Trading of Spotify Technology

Several institutional investors have recently made changes to their positions in the company. JPL Wealth Management LLC purchased a new position in Spotify Technology during the third quarter worth about $35,000. Kemnay Advisory Services Inc. purchased a new stake in Spotify Technology in the 4th quarter valued at about $32,000. Newbridge Financial Services Group Inc. purchased a new stake in Spotify Technology in the 4th quarter valued at about $35,000. Osbon Capital Management LLC purchased a new stake in Spotify Technology in the 4th quarter valued at about $35,000. Finally, Wilmington Savings Fund Society FSB lifted its position in shares of Spotify Technology by 85.7% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock worth $38,000 after buying an additional 30 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

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.