Benchmark Reiterates Buy Rating for Spotify Technology (NYSE:SPOT)

Spotify Technology (NYSE:SPOT)‘s stock had its “buy” rating reissued by stock analysts at Benchmark in a report released on Thursday,Benzinga reports. They currently have a $520.00 price objective on the stock. Benchmark’s target price suggests a potential upside of 6.22% from the company’s previous close.

Several other equities research analysts also recently issued reports on the company. Piper Sandler boosted their price objective on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. KeyCorp lifted their target price on Spotify Technology from $520.00 to $555.00 and gave the company an “overweight” rating in a research report on Friday, January 10th. The Goldman Sachs Group increased their price target on shares of Spotify Technology from $490.00 to $550.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Bank of America lifted their price objective on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, UBS Group upped their target price on shares of Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research note on Wednesday. One research 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 company’s stock. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $441.21.

Spotify Technology Price Performance

NYSE SPOT opened at $489.56 on Thursday. The stock has a market capitalization of $97.45 billion, a P/E ratio of 133.03 and a beta of 1.62. The firm’s 50-day moving average is $463.33 and its two-hundred day moving average is $386.77. Spotify Technology has a 12 month low of $191.88 and a 12 month high of $506.47.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The company had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The business’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. As a group, analysts anticipate that Spotify Technology will post 5.96 EPS for the current year.

Institutional Investors Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently bought and sold shares of SPOT. Prestige Wealth Management Group LLC acquired a new position in Spotify Technology in the third quarter valued at $26,000. Benjamin Edwards Inc. lifted its holdings in shares of Spotify Technology by 214.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares during the last quarter. Hobbs Group Advisors LLC acquired a new stake in shares of Spotify Technology in the 3rd quarter valued at about $33,000. Larson Financial Group LLC grew its stake in Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after buying an additional 33 shares during the last quarter. Finally, V Square Quantitative Management LLC purchased a new position in Spotify Technology during the 3rd quarter worth approximately $40,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.