Spotify Technology (NYSE:SPOT) Price Target Cut to $195.00

Posted by on Oct 24th, 2023

Spotify Technology (NYSE:SPOT – Free Report) had its target price lowered by Benchmark from $205.00 to $195.00 in a report issued on Monday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities analysts also recently commented on the stock. Barclays raised their price objective on shares of Spotify Technology from $180.00 to $182.00 and gave the stock an overweight rating in a report on Tuesday, July 25th. Wells Fargo & Company boosted their price target on Spotify Technology from $180.00 to $250.00 and gave the company an overweight rating in a research note on Friday, July 14th. Bank of America boosted their price target on Spotify Technology from $165.00 to $185.00 in a research note on Thursday, June 29th. Morgan Stanley boosted their price target on shares of Spotify Technology from $185.00 to $190.00 and gave the company a top pick rating in a research report on Thursday, October 12th. Finally, TD Cowen assumed coverage on shares of Spotify Technology in a research report on Monday. They issued a market perform rating and a $129.00 price target on the stock. Seven analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $164.26.

Get Our Latest Stock Report on Spotify Technology

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $154.68 on Monday. Spotify Technology has a fifty-two week low of $69.29 and a fifty-two week high of $182.00. The firm has a fifty day moving average price of $151.67 and a two-hundred day moving average price of $149.98. The company has a market cap of $30.11 billion, a PE ratio of -28.91 and a beta of 1.69.

Spotify Technology (NYSE:SPOT – Get Free Report) last announced its quarterly earnings data on Tuesday, July 25th. The company reported ($1.69) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $3.46 billion during the quarter, compared to the consensus estimate of $3.54 billion. Analysts expect that Spotify Technology will post -3.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Several large investors have recently bought and sold shares of SPOT. Ameritas Advisory Services LLC bought a new stake in shares of Spotify Technology in the 1st quarter valued at $27,000. Activest Wealth Management bought a new stake in Spotify Technology during the 2nd quarter worth approximately $28,000. Spire Wealth Management increased its stake in Spotify Technology by 148.4% during the 1st quarter. Spire Wealth Management now owns 236 shares of the company’s stock worth $32,000 after purchasing an additional 141 shares in the last quarter. Quarry LP bought a new stake in Spotify Technology during the 2nd quarter worth approximately $35,000. Finally, Machina Capital S.A.S. bought a new stake in Spotify Technology during the 1st quarter worth approximately $38,000. Institutional investors own 56.89% of the company’s stock.

About Spotify Technology

(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.

Featured Stories

Analyst Recommendations for Spotify Technology (NYSE:SPOT)

Receive News & Ratings for Spotify Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spotify Technology and related companies with MarketBeat.com's FREE daily email newsletter.