why Spotify Technology S.A. [SPOT] is a Good Choice for Investors After New Price Target of $139.62

Spotify Technology S.A. [NYSE: SPOT] surged by $1.05 during the normal trading session on Wednesday and reaching a high of $84.825 during the day while it closed the day at $83.18. The company report on October 3, 2022 that Spotify Technology S.A. to Announce Financial Results for Third Quarter 2022.

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Spotify Technology S.A. (NYSE: SPOT) will post its third quarter 2022 financial results and deck to shareholders on Tuesday, October 25, 2022 after market close.

The company will hold a question and answer session to discuss third quarter 2022 financial results at 4:30 pm Eastern Time. Management will answer questions submitted via Slido. Questions may be submitted on the day of the call at www.slido.com using the event code #SpotifyEarningsQ322.

Spotify Technology S.A. stock has also loss -8.99% of its value over the past 7 days. However, SPOT stock has declined by -13.64% in the 3 months of the year. Over the past six months meanwhile, it has lost -40.12% and lost -64.46% year-on date.

The market cap for SPOT stock reached $16.80 billion, with 192.95 million shares outstanding and 140.67 million shares in the current float. Compared to the average trading volume of 1.53M shares, SPOT reached a trading volume of 4061385 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Spotify Technology S.A. [SPOT]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SPOT shares is $139.62 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SPOT stock is a recommendation set at 2.40. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Citigroup have made an estimate for Spotify Technology S.A. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on July 07, 2022. While these analysts kept the previous recommendation, Wells Fargo raised their target price from $101 to $124. The new note on the price target was released on June 15, 2022, representing the official price target for Spotify Technology S.A. stock. Previously, the target price had yet another raise to $150, while Raymond James analysts kept a Outperform rating on SPOT stock. On April 28, 2022, analysts decreased their price target for SPOT shares from 235 to 110.

The Average True Range (ATR) for Spotify Technology S.A. is set at 4.37, with the Price to Sales ratio for SPOT stock in the period of the last 12 months amounting to 1.60. The Price to Book ratio for the last quarter was 7.13, with the Price to Cash per share for the same quarter was set at 17.29. Price to Free Cash Flow for SPOT in the course of the last twelve months was 65.49 with Quick ratio for the last quarter at 1.40.

SPOT stock trade performance evaluation

Spotify Technology S.A. [SPOT] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -8.99. With this latest performance, SPOT shares dropped by -18.42% in over the last four-week period, additionally sinking by -40.12% over the last 6 months – not to mention a drop of -64.65% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SPOT stock in for the last two-week period is set at 34.15, with the RSI for the last a single of trading hit 32.53, and the three-weeks RSI is set at 36.25 for Spotify Technology S.A. [SPOT]. The present Moving Average for the last 50 days of trading for this stock 104.01, while it was recorded at 86.31 for the last single week of trading, and 130.33 for the last 200 days.

Spotify Technology S.A. [SPOT]: An insightful look at the core fundamentals

Spotify Technology S.A.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.40 and a Current Ratio set at 1.40.

Spotify Technology S.A. [SPOT]: Insider Ownership positions

There are presently around $8,968 million, or 57.80% of SPOT stock, in the hands of institutional investors. The top three institutional holders of SPOT stocks are: BAILLIE GIFFORD & CO with ownership of 26,199,637, which is approximately 12.791% of the company’s market cap and around 27.24% of the total institutional ownership; PRICE T ROWE ASSOCIATES INC /MD/, holding 15,762,460 shares of the stock with an approximate value of $1.31 billion in SPOT stocks shares; and MORGAN STANLEY, currently with $884.06 million in SPOT stock with ownership of nearly 0.091% of the company’s market capitalization.

251 institutional holders increased their position in Spotify Technology S.A. [NYSE:SPOT] by around 12,610,841 shares. Additionally, 264 investors decreased positions by around 11,566,954 shares, while 99 investors held positions by with 83,633,544 shares. The mentioned changes placed institutional holdings at 107,811,339 shares, according to the latest SEC report filing. SPOT stock had 73 new institutional investments in for a total of 3,702,428 shares, while 111 institutional investors sold positions of 1,999,498 shares during the same period.


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