Spotify Technology (NYSE:SPOT) Price Target Raised to $710.00

Spotify Technology (NYSE:SPOT) had its price target raised by Barclays from $475.00 to $710.00 in a research report report published on Wednesday,Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other equities analysts have also recently commented on the company. Wells Fargo & Company raised their target price on Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Morgan Stanley increased their price target on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research note on Wednesday. Benchmark reiterated a “buy” rating and issued a $520.00 price target on shares of Spotify Technology in a research note on Thursday, January 16th. UBS Group increased their price target on Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. Finally, Piper Sandler increased their price target on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $514.79.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $623.54 on Wednesday. Spotify Technology has a one year low of $228.07 and a one year high of $632.45. The stock’s fifty day moving average is $491.03 and its 200 day moving average is $412.38. The stock 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 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The company had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same period in the prior year, the business posted $0.36 earnings per share. Spotify Technology’s revenue for the quarter was up 18.8% compared to the same quarter last year. Analysts predict that Spotify Technology will post 5.91 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Prestige Wealth Management Group LLC bought a new position in shares of Spotify Technology in the 3rd quarter valued at about $26,000. Hobbs Group Advisors LLC bought a new stake in Spotify Technology in the third quarter worth about $33,000. Larson Financial Group LLC lifted its stake in Spotify Technology by 51.6% in 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 last quarter. Quent Capital LLC lifted its stake in Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after purchasing an additional 57 shares during the last quarter. Finally, V Square Quantitative Management LLC bought a new stake in Spotify Technology in the third quarter worth about $40,000. 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.