Spotify Technology (NYSE:SPOT) Price Target Raised to $700.00

Spotify Technology (NYSE:SPOT) had its price target increased by Canaccord Genuity Group from $650.00 to $700.00 in a research note released on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts also recently issued research reports about the stock. UBS Group increased their price objective on shares of Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. Deutsche Bank Aktiengesellschaft raised their price target on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Bank of America upped their price objective on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Pivotal Research boosted their price target on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and an average target price of $509.61.

Spotify Technology Stock Up 0.5 %

Shares of NYSE SPOT opened at $625.04 on Wednesday. The firm has a market cap of $124.41 billion, a P/E ratio of 169.85 and a beta of 1.63. Spotify Technology has a twelve month low of $227.52 and a twelve month high of $630.77. The company has a 50 day moving average of $485.02 and a 200 day moving average of $409.38.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The business had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same period in the previous year, the company earned $0.36 earnings per share. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, equities analysts expect that Spotify Technology will post 5.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

A number of hedge funds have recently made changes to their positions in the company. WCM Investment Management LLC grew its holdings in Spotify Technology by 18.5% during the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after buying an additional 605,755 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Spotify Technology by 3.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock valued at $1,286,969,000 after acquiring an additional 102,786 shares during the last quarter. Jennison Associates LLC purchased a new position in shares of Spotify Technology in the fourth quarter valued at $1,335,575,000. State Street Corp increased its position in Spotify Technology by 1.5% in the third quarter. State Street Corp now owns 1,997,323 shares of the company’s stock worth $736,073,000 after purchasing an additional 28,864 shares during the last quarter. Finally, FMR LLC increased its position in Spotify Technology by 23.4% in the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after purchasing an additional 297,035 shares during the last quarter. 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.