Analysts Set Spotify Technology S.A. (NYSE:SPOT) PT at $421.69

Shares of Spotify Technology S.A. (NYSE:SPOT) have been assigned a consensus rating of “Moderate Buy” from the twenty-nine ratings firms that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and twenty-three have assigned a buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $422.90.

A number of brokerages recently weighed in on SPOT. Morgan Stanley boosted their target price on shares of Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $340.00 target price on shares of Spotify Technology in a research report on Monday, October 7th. JPMorgan Chase & Co. lifted their price target on Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Rosenblatt Securities lifted their target price on Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $493.32 on Friday. Spotify Technology has a fifty-two week low of $185.37 and a fifty-two week high of $494.00. The firm has a market cap of $98.20 billion, a P/E ratio of 134.05 and a beta of 1.61. The firm has a 50 day simple moving average of $408.78 and a 200 day simple moving average of $353.61.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The firm had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same period last year, the firm earned $0.36 EPS. Spotify Technology’s quarterly revenue was up 18.8% on a year-over-year basis. On average, sell-side analysts expect that Spotify Technology will post 6.02 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Transcendent Capital Group LLC bought a new stake in shares of Spotify Technology in the 2nd quarter worth approximately $25,000. Prestige Wealth Management Group LLC purchased a new stake in Spotify Technology in the third quarter worth about $26,000. Benjamin Edwards Inc. boosted its stake in Spotify Technology by 214.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Mather Group LLC. increased its holdings in shares of Spotify Technology by 9,900.0% in the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after purchasing an additional 99 shares in the last quarter. Finally, Hobbs Group Advisors LLC bought a new stake in shares of Spotify Technology in the third quarter worth $33,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Company Profile

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