Spotify Technology (NYSE:SPOT) Price Target Raised to $675.00

Spotify Technology (NYSE:SPOT) had its target price raised by Guggenheim from $520.00 to $675.00 in a research report report published on Wednesday,Benzinga reports. Guggenheim currently has a buy rating on the stock.

Other analysts have also recently issued research reports about the stock. KeyCorp raised their target price on shares of Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Macquarie raised their price objective on shares of Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. TD Cowen raised their price objective on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a report on Wednesday. One analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $514.79.

Spotify Technology Stock Down 0.4 %

Shares of NYSE:SPOT opened at $623.54 on Wednesday. The firm’s 50 day moving average price is $491.03 and its 200 day moving average price is $412.38. The stock has a market cap of $124.12 billion, a price-to-earnings ratio of 169.44 and a beta of 1.63. Spotify Technology has a fifty-two week low of $228.07 and a fifty-two week high of $632.45.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.30). The firm 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 firm’s revenue was up 18.8% compared to the same quarter last year. During the same period last year, the business earned $0.36 EPS. On average, equities analysts anticipate that Spotify Technology will post 5.91 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Jennison Associates LLC acquired a new stake in Spotify Technology in the fourth quarter valued at $1,335,575,000. Forsta AP Fonden acquired a new stake in Spotify Technology in the fourth quarter valued at $619,600,000. WCM Investment Management LLC lifted its holdings in Spotify Technology by 18.5% in the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after acquiring an additional 605,755 shares during the period. Amundi lifted its holdings in Spotify Technology by 194.2% in the fourth quarter. Amundi now owns 750,030 shares of the company’s stock valued at $359,812,000 after acquiring an additional 495,087 shares during the period. Finally, International Assets Investment Management LLC lifted its holdings in Spotify Technology by 36,910.0% in the third quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock valued at $128,073,000 after acquiring an additional 346,585 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

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.