Analysts Set Spotify Technology S.A. (NYSE:SPOT) Target Price at $429.96

Spotify Technology S.A. (NYSE:SPOT) has been given a consensus recommendation of “Moderate Buy” by the twenty-eight ratings firms that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have assigned a buy rating to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $429.96.

Several equities research analysts have commented on SPOT shares. Morgan Stanley raised their price target on shares of Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Macquarie lifted their target price on Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. KeyCorp boosted their price target on Spotify Technology from $490.00 to $520.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Rosenblatt Securities lifted their price objective on shares of Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Finally, Canaccord Genuity Group increased their target price on shares of Spotify Technology from $525.00 to $560.00 and gave the company a “buy” rating in a research report on Monday, December 2nd.

Spotify Technology Stock Down 0.3 %

Shares of Spotify Technology stock opened at $456.48 on Thursday. The business has a 50-day moving average price of $444.57 and a 200 day moving average price of $373.84. Spotify Technology has a fifty-two week low of $185.37 and a fifty-two week high of $506.47. The firm has a market cap of $90.86 billion, a P/E ratio of 124.04 and a beta of 1.61.

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

Institutional Investors Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Prestige Wealth Management Group LLC bought a new stake in shares of Spotify Technology during the third quarter worth approximately $26,000. Benjamin Edwards Inc. raised its position in shares of Spotify Technology by 214.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after acquiring an additional 58 shares during the last quarter. Hobbs Group Advisors LLC acquired a new position in shares of Spotify Technology in the 3rd quarter valued at $33,000. Asset Dedication LLC bought a new position in shares of Spotify Technology in the 2nd quarter worth $35,000. Finally, Larson Financial Group LLC grew its stake in shares of Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares during the period. Institutional investors and hedge funds 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.