Spotify Technology (NYSE:SPOT) Price Target Raised to $700.00

Spotify Technology (NYSE:SPOT) had its target price raised by research analysts at Canaccord Genuity Group from $650.00 to $700.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 11.88% from the stock’s current price.

A number of other analysts have also recently commented on the company. Benchmark reiterated a “buy” rating and set a $520.00 price objective on shares of Spotify Technology in a research report on Thursday, January 16th. TD Cowen upped their price target on shares of Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a research report on Wednesday, November 13th. Pivotal Research increased their price objective on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Wells Fargo & Company increased their price objective on shares of Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Finally, Macquarie increased their price objective on shares of Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $514.79.

Spotify Technology Trading Down 0.1 %

Spotify Technology stock opened at $625.67 on Wednesday. The firm has a market cap of $124.54 billion, a price-to-earnings ratio of 170.02 and a beta of 1.63. The stock has a fifty day simple moving average of $488.02 and a two-hundred day simple moving average of $410.89. Spotify Technology has a 12 month low of $227.52 and a 12 month high of $630.77.

Spotify Technology (NYSE:SPOT) last posted 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 business had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.36 EPS. On average, equities research analysts forecast that Spotify Technology will post 5.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Several institutional investors and hedge funds have recently modified their holdings of SPOT. Prestige Wealth Management Group LLC bought a new stake in shares of Spotify Technology during the third quarter valued at approximately $26,000. Hobbs Group Advisors LLC bought a new stake in shares of Spotify Technology during the third quarter valued at approximately $33,000. Larson Financial Group LLC raised its position 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 valued at $36,000 after buying an additional 33 shares during the last quarter. V Square Quantitative Management LLC bought a new stake in shares of Spotify Technology during the third quarter valued at approximately $40,000. Finally, Rakuten Securities Inc. raised its position in shares of Spotify Technology by 40.5% during the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after buying an additional 32 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

About Spotify Technology

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.