Spotify Technology (NYSE:SPOT) Price Target Raised to $670.00

Spotify Technology (NYSE:SPOT) had its target price increased by Morgan Stanley from $550.00 to $670.00 in a research report report published on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other research analysts have also recently issued research reports about the stock. Bank of America boosted their price target on shares of Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Phillip Securities reiterated an “accumulate” rating and set a $485.00 price target (up previously from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. Guggenheim boosted their price target on shares of Spotify Technology from $520.00 to $675.00 and gave the stock a “buy” rating in a report on Wednesday. Barclays boosted their price target on shares of Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Finally, TD Cowen boosted their price target 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. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $514.79.

Spotify Technology Stock Down 0.4 %

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

Spotify Technology (NYSE:SPOT) last announced 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). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The business had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the previous year, the company earned $0.36 earnings per share. Spotify Technology’s quarterly revenue was up 18.8% on a year-over-year basis. Research analysts forecast that Spotify Technology will post 5.91 earnings per share for the current year.

Institutional Trading of Spotify Technology

A number of large investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company raised its position in Spotify Technology by 5.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,892 shares of the company’s stock worth $594,000 after buying an additional 94 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in Spotify Technology during the 2nd quarter worth $2,074,000. GAMMA Investing LLC raised its position in Spotify Technology by 35.9% during the 3rd quarter. GAMMA Investing LLC now owns 677 shares of the company’s stock worth $249,000 after buying an additional 179 shares during the last quarter. Miracle Mile Advisors LLC purchased a new position in Spotify Technology during the 3rd quarter worth $242,000. Finally, Axiom Advisory LLC raised its position in Spotify Technology by 1.6% during the 3rd quarter. Axiom Advisory LLC now owns 3,840 shares of the company’s stock worth $1,415,000 after buying an additional 60 shares during the last quarter. 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.