Spotify Technology (NYSE:SPOT) PT lowered to $145.00 at JPMorgan Chase & Co.

Spotify Technology (NYSE:SPOT – Get Noted) had its price target reduced by analysts at JPMorgan Chase & Co. from $150.00 to $145.00 in a research report released Wednesday to clients and investors, reports The Fly. JPMorgan Chase & Co.’s target price would suggest a potential upside of 46.46% from the current share price.

Other research analysts have also recently released reports on the stock. Redburn Partners upgraded Spotify Technology’s shares from a “sell” rating to a “neutral” rating in a Monday, April 25 report. TheStreet upgraded Spotify Technology’s shares from a “c-” rating to a “d+” rating in a Tuesday, March 15 report. KeyCorp reiterated a “buy” rating and set a target price of $210.00 on Spotify Technology shares in a Friday, June 3 report. Truist Financial lowered its target price on Spotify Technology shares from $210.00 to $150.00 in a Thursday, April 28 report. Finally, UBS Group lowered its price target on Spotify Technology shares from $220.00 to $175.00 and set a “buy” rating on the stock in a Thursday, April 28 report. One equity research analyst gave the stock a sell rating, eleven gave the company a hold rating and thirteen gave the company a buy rating. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $196.93.

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NYSE SPOT opened at $99.00 on Wednesday. The company’s 50-day moving average price is $105.88 and its 200-day moving average price is $151.94. The stock has a market capitalization of $18.83 billion, a PE ratio of -139.44 and a beta of 1.79. Spotify Technology has a 12-month low of $89.03 and a 12-month high of $305.60.

Spotify Technology (NYSE:SPOT – Get Rating) last reported results on Wednesday, April 27. The company reported earnings per share (EPS) of $0.24 for the quarter, beating the consensus estimate of ($0.26) by $0.50. Spotify Technology had a net margin of 0.68% and a return on equity of 3.02%. The company posted revenue of $2.66 billion for the quarter, versus $2.61 billion expected by analysts. During the same period of the previous year, the company achieved EPS of ($0.30). The company’s quarterly revenue increased 23.9% year over year. Research analysts expect Spotify Technology to post -0.78 earnings per share for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Fifth Third Bancorp increased its position in Spotify Technology by 55.0% during the 4th quarter. Fifth Third Bancorp now owns 155 shares of the company worth $36,000 after buying 55 more shares in the last quarter. IFP Advisors Inc increased its stake in Spotify Technology shares by 71.6% during the 4th quarter. IFP Advisors Inc now owns 151 shares of the company worth $35,000 after purchasing an additional 63 shares during the period. Commerce Bank increased its stake in Spotify Technology shares by 4.0% during the 4th quarter. Commerce Bank now owns 1,798 shares of the company worth $421,000 after buying 69 additional shares during the period. Baldwin Brothers LLC MA increased its stake in Spotify Technology shares by 41.5% during Q1. Baldwin Brothers LLC MA now owns 283 shares of the company worth $43,000 after purchasing 83 additional shares during the period. Finally, Beacon Investment Advisory Services Inc. increased its stake in Spotify Technology shares by 4.4% during the 4th quarter. Beacon Investment Advisory Services Inc. now owns 2,037 shares of the company worth $477,000 after purchasing an additional 86 shares during the period. 56.36% of the stock is held by institutional investors.

About Spotify Technology (Get an assessment)

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 commercial-free music and podcast catalog to its subscribers.

Further reading

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Spotify technology analyst recommendations (NYSE: SPOT)

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