Spotify Technology (NYSE:SPOT) Shares Gap Up to $135.76

Posted by Defense World Staff on Aug 27th, 2023

Spotify Technology S.A. (NYSE:SPOT – Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $135.76, but opened at $138.81. Spotify Technology shares last traded at $137.63, with a volume of 64,968 shares.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of recent research reports. Guggenheim upped their target price on shares of Spotify Technology from $165.00 to $180.00 in a research report on Tuesday, May 23rd. JPMorgan Chase & Co. increased their price objective on shares of Spotify Technology from $160.00 to $190.00 in a research note on Wednesday, July 19th. Rosenblatt Securities raised their target price on shares of Spotify Technology from $141.00 to $150.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 26th. The Goldman Sachs Group lifted their target price on shares of Spotify Technology from $156.00 to $163.00 and gave the company a “neutral” rating in a research note on Tuesday, July 25th. Finally, KeyCorp lifted their target price on shares of Spotify Technology from $180.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday, July 14th. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $165.80.

View Our Latest Analysis on Spotify Technology

Spotify Technology Stock Performance

The stock’s fifty day moving average is $152.25 and its two-hundred day moving average is $141.26. The firm has a market capitalization of $26.10 billion, a price-to-earnings ratio of -25.65 and a beta of 1.74.

Spotify Technology (NYSE:SPOT – Get Free Report) last announced its quarterly earnings data on Tuesday, July 25th. The company reported ($1.69) earnings per share for the quarter, missing the consensus estimate of ($0.80) by ($0.89). Spotify Technology had a negative return on equity of 42.48% and a negative net margin of 7.79%. The company had revenue of $3.46 billion for the quarter, compared to analyst estimates of $3.54 billion. Sell-side analysts anticipate that Spotify Technology S.A. will post -3.13 earnings per share for the current year.

Institutional Trading of Spotify Technology

A number of institutional investors and hedge funds have recently made changes to their positions in SPOT. Orion Portfolio Solutions LLC bought a new position in Spotify Technology in the 2nd quarter worth approximately $217,000. Nuveen Asset Management LLC boosted its stake in Spotify Technology by 6.4% during the 2nd quarter. Nuveen Asset Management LLC now owns 421,530 shares of the company’s stock valued at $67,677,000 after purchasing an additional 25,510 shares in the last quarter. GTS Securities LLC bought a new position in Spotify Technology during the 2nd quarter valued at $1,921,000. Blueshift Asset Management LLC bought a new position in Spotify Technology during the 2nd quarter valued at $369,000. Finally, Woodline Partners LP bought a new position in Spotify Technology during the 2nd quarter valued at $2,376,000. 55.46% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Company Profile

(Get Free Report)

Spotify Technology SA, together with its subsidiaries, provides audio streaming 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.