Spotify Technology (NYSE:SPOT) Given New $420.00 Price Target at Guggenheim

Spotify Technology (NYSE:SPOT) had its target price hoisted by investment analysts at Guggenheim from $400.00 to $420.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim’s price target points to a potential upside of 26.86% from the company’s previous close.

Several other brokerages have also recently commented on SPOT. Pivotal Research raised their target price on shares of Spotify Technology from $400.00 to $460.00 and gave the stock a “buy” rating in a report on Wednesday. UBS Group raised their target price on shares of Spotify Technology from $375.00 to $400.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Benchmark reissued a “buy” rating and issued a $405.00 price objective on shares of Spotify Technology in a research note on Monday. Jefferies Financial Group reissued a “buy” rating and issued a $385.00 price objective (up from $242.00) on shares of Spotify Technology in a research note on Thursday, July 11th. Finally, Citigroup lifted their price objective on shares of Spotify Technology from $255.00 to $310.00 and gave the company a “neutral” rating in a research note on Tuesday, May 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have given a buy rating to the stock. According to MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and an average price target of $353.15.

Spotify Technology Price Performance

Spotify Technology stock traded up $0.28 during trading hours on Wednesday, hitting $331.07. The company had a trading volume of 4,297,999 shares, compared to its average volume of 1,982,679. The firm has a market cap of $62.97 billion, a PE ratio of -492.37, a PEG ratio of 0.78 and a beta of 1.59. Spotify Technology has a one year low of $129.23 and a one year high of $346.23. The firm has a 50-day moving average of $309.21 and a 200 day moving average of $275.23.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.63 by $0.42. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. The company had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $3.87 billion. During the same period last year, the firm earned ($1.24) earnings per share. As a group, research analysts expect that Spotify Technology will post 5 earnings per share for the current year.

Hedge Funds Weigh In On Spotify Technology

Hedge funds have recently modified their holdings of the business. Larson Financial Group LLC lifted its holdings in shares of Spotify Technology by 86.0% during the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after purchasing an additional 43 shares during the period. Mather Group LLC. raised its stake in Spotify Technology by 9,900.0% during the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after buying an additional 99 shares during the last quarter. FinTrust Capital Advisors LLC raised its stake in Spotify Technology by 400.0% during the first quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock worth $33,000 after buying an additional 100 shares during the last quarter. Fifth Third Bancorp raised its stake in Spotify Technology by 640.0% during the second quarter. Fifth Third Bancorp now owns 148 shares of the company’s stock worth $46,000 after buying an additional 128 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in Spotify Technology during the first quarter worth $40,000. Institutional investors and hedge funds 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.