Citizens Rates Spotify Technology (SPOT) Market Outperform

Citizens reiterated its Market Outperform rating on Spotify Technology S.A. (NYSE:SPOT) on October 23, 2026, keeping its price target steady. The research note provides the firm's forward-looking take on the audio streaming provider as shares continue to navigate trading above key moving averages. Spotify closed at $574.19 on the day of the rating update.

SPOT Spotify Technology S.A.

$583.66 ▲ +1.51% year to date

1M 3M YTD

Daily close · Oct 22, 2026

Citizens's Call on Spotify Technology S.A.

On October 23, 2026, Citizens reiterated its Market Outperform rating on Spotify, keeping its price target at $625.00. The target matches the previous level of $625.00. Several other firms adjusted their targets on the same day, including Wells Fargo maintaining an Overweight rating and raising its target to $660.00 from $570.00, and Barclays maintaining an Overweight rating with a target raised to $650.00 from $565.00. TD Cowen reiterated a Hold rating with a $525.00 target, while Guggenheim maintained a Buy rating and lifted its target to $650.00 from $575.00. Across the broader street, analysts hold a consensus buy recommendation with a mean target price of about $627.99 across 37 opinions.

Other Institutional Activity in Spotify Technology S.A.

Large funds continue to adjust their holdings in the streaming company. AMF Tjanstepension reduced its stake by 25,000 shares, ending with 475,000 shares worth about $231,505,500. Ami Asset Management grew its holdings by 4,401 shares, or 5.8%, ending with 79,985 shares worth about $38,982,948. Fjarde Ap-Fonden cut its position by 92,520 shares, or 50.0%, holding 92,480 shares valued at about $45,072,902. Baillie Gifford & Co trimmed its stake by 290,115 shares, or 3.5%, leaving it with 7,928,451 shares worth about $4,552,437,299.

Spotify Technology S.A. Stock Up 11.3%

Spotify shares recently traded around $575.12 as of October 23, 2026, up about 0.2% from the prior close of $574.19. The stock trades above its 50-day moving average of $524.29 and above its 200-day moving average of $496.54.

Recent Earnings

Spotify generated $18,112,994,240 in trailing-twelve-month revenue with earnings of $17.40 per share. The company posted a net margin of 18.4% and a return on equity of 44.5%. The next earnings release is scheduled for February 9, 2027.

Insider Buying and Selling at Spotify Technology S.A.

Company insiders executed several transactions prior to the update. Chief Executive Officer Alex Norstrom sold 5,436 shares on August 3, 2026, valued at $2,729,435. Officer Dustee Jenkins sold 3,810 shares on August 14, 2026, worth $1,954,343. Chief Executive Officer Gustav Stig Victor Soderstrom sold 20,913 shares on September 14, 2026, valued at $11,380,738, and another 20,910 shares on October 12, 2026, worth $11,085,113.

About Spotify Technology S.A.

Spotify Technology S.A. operates audio streaming services worldwide through its Premium and Ad-Supported segments. The platform gives users online and offline access to music, podcasts, and audiobooks via subscription models and advertising.

Bottom Line

Citizens keeps a positive stance on the audio giant as shares trade near recent levels. Investors will look toward the upcoming earnings report on February 9, 2027, for further updates on platform growth.