Fintel reports that on September 28, 2023, Monness, Crespi, Hardt downgraded their outlook for Spotify Technology (NYSE:SPOT) from Buy to Neutral.

Analyst Price Forecast Suggests 14.39% Upside

As of August 31, 2023, the average one-year price target for Spotify Technology is 175.62. The forecasts range from a low of 110.09 to a high of $262.50. The average price target represents an increase of 14.39% from its latest reported closing price of 153.53.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Spotify Technology is 13,855MM, an increase of 11.54%. The projected annual non-GAAP EPS is -1.88.

What is the Fund Sentiment?

There are 961 funds or institutions reporting positions in Spotify Technology. This is an increase of 48 owner(s) or 5.26% in the last quarter. Average portfolio weight of all funds dedicated to SPOT is 0.58%, an increase of 3.89%. Total shares owned by institutions increased in the last three months by 4.72% to 121,795K shares. The put/call ratio of SPOT is 1.19, indicating a bearish outlook.

What are Other Shareholders Doing?

Baillie Gifford holds 25,177K shares representing 12.93% ownership of the company. In it’s prior filing, the firm reported owning 27,495K shares, representing a decrease of 9.21%. The firm increased its portfolio allocation in SPOT by 3.66% over the last quarter.

VWIGX – Vanguard International Growth Fund Investor Shares holds 9,314K shares representing 4.78% ownership of the company. In it’s prior filing, the firm reported owning 9,425K shares, representing a decrease of 1.20%. The firm increased its portfolio allocation in SPOT by 25.40% over the last quarter.

Price T Rowe Associates holds 6,127K shares representing 3.15% ownership of the company. In it’s prior filing, the firm reported owning 8,708K shares, representing a decrease of 42.12%. The firm increased its portfolio allocation in SPOT by 77.54% over the last quarter.

Technology Crossover Management VIII holds 3,618K shares representing 1.86% ownership of the company. No change in the last quarter.

T. Rowe Price Investment Management holds 3,239K shares representing 1.66% ownership of the company. In it’s prior filing, the firm reported owning 3,042K shares, representing an increase of 6.10%. The firm increased its portfolio allocation in SPOT by 21.57% over the last quarter.

Spotify Technology Background Information
(This description is provided by the company.)

Spotify is the world’s most popular audio streaming subscription service with a community of 345 million Monthly Active Users and 155 million Premium Subscribers. With a presence in 93 markets, and more than 70 million tracks including over 2 million podcast titles, it has transformed the way people access and enjoy music and podcasts.

This article originally appeared on Fintel

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