Spotify Technology (NYSE:SPOT) PT Lowered to $165.00 at Citigroup

Spotify Technology (NYSE:SPOT – Get Rating) had its target price reduced by equities research analysts at Citigroup from $240.00 to $165.00 in a research note issued to investors on Friday, The Fly reports. Citigroup’s target price would suggest a potential upside of 46.60% from the stock’s current price.

A number of other research firms also recently weighed in on SPOT. Jefferies Financial Group cut their target price on Spotify Technology from $358.00 to $275.00 and set a “buy” rating for the company in a research report on Thursday, February 3rd. Truist Financial cut their price objective on Spotify Technology from $210.00 to $150.00 in a research report on Thursday, April 28th. Deutsche Bank Aktiengesellschaft cut their price objective on Spotify Technology from $140.00 to $115.00 in a research report on Thursday, April 28th. Pivotal Research downgraded Spotify Technology from a “buy” rating to a “hold” rating and cut their price objective for the company from $235.00 to $110.00 in a research report on Thursday, April 28th. Finally, Monness Crespi & Hardt cut their price objective on Spotify Technology from $380.00 to $240.00 and set a “buy” rating for the company in a research report on Wednesday, January 26th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Spotify Technology currently has a consensus rating of “Hold” and a consensus price target of $214.31.

Shares of NYSE:SPOT traded up $3.69 during trading on Friday, hitting $112.55. 2,467,801 shares of the company traded hands, compared to its average volume of 2,464,546. The business’s fifty day moving average is $135.63 and its 200-day moving average is $195.48. Spotify Technology has a one year low of $95.22 and a one year high of $305.60.

Spotify Technology (NYSE:SPOT – Get Rating) last issued its quarterly earnings data on Wednesday, April 27th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.19) by $0.40. The business had revenue of $2.66 billion during the quarter, compared to the consensus estimate of $2.61 billion. Spotify Technology had a return on equity of 3.02% and a net margin of 0.68%. The business’s revenue was up 23.9% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.30) earnings per share. As a group, analysts predict that Spotify Technology will post -0.62 EPS for the current fiscal year.

A number of large investors have recently bought and sold shares of the stock. State of Michigan Retirement System raised its position in Spotify Technology by 16.4% in the first quarter. State of Michigan Retirement System now owns 70,931 shares of the company’s stock worth $10,712,000 after purchasing an additional 10,000 shares in the last quarter. Once Capital Management LLC raised its position in Spotify Technology by 43.5% in the first quarter. Once Capital Management LLC now owns 38,600 shares of the company’s stock worth $5,829,000 after purchasing an additional 11,700 shares in the last quarter. Wolverine Asset Management LLC raised its position in Spotify Technology by 7,939.1% in the first quarter. Wolverine Asset Management LLC now owns 1,803 shares of the company’s stock worth $272,000 after purchasing an additional 1,826 shares in the last quarter. Stephens Investment Management Group LLC increased its holdings in shares of Spotify Technology by 1.3% during the first quarter. Stephens Investment Management Group LLC now owns 47,835 shares of the company’s stock worth $7,224,000 after buying an additional 609 shares in the last quarter. Finally, Prospera Financial Services Inc acquired a new stake in shares of Spotify Technology during the first quarter worth approximately $118,000. 56.36% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Company Profile (Get Rating)

Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.

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