Canaccord Genuity Group Issues Positive Forecast for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its price target raised by equities research analysts at Canaccord Genuity Group from $650.00 to $700.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 12.42% from the company’s current price.

Other equities analysts also recently issued reports about the stock. Phillip Securities restated an “accumulate” rating and set a $485.00 price objective (up from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. Guggenheim upped their price target on shares of Spotify Technology from $520.00 to $675.00 and gave the stock a “buy” rating in a research report on Wednesday. Rosenblatt Securities reissued a “neutral” rating and issued a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a research report on Wednesday. KeyCorp upped their target price on shares of Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Finally, TD Cowen lifted their price target on Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $473.36.

Spotify Technology Stock Performance

NYSE:SPOT opened at $622.69 on Wednesday. The stock has a 50-day simple moving average of $485.02 and a 200 day simple moving average of $409.38. Spotify Technology has a 52-week low of $219.36 and a 52-week high of $623.40. The company has a market cap of $123.95 billion, a PE ratio of 169.21 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data 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 during the quarter, compared to analyst estimates of $4.03 billion. During the same quarter last year, the business earned $0.36 earnings per share. Spotify Technology’s revenue for the quarter was up 18.8% on a year-over-year basis. On average, research analysts predict that Spotify Technology will post 5.91 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company grew its position in shares of Spotify Technology by 5.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,892 shares of the company’s stock valued at $594,000 after buying an additional 94 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in Spotify Technology in the second quarter valued at approximately $2,074,000. GAMMA Investing LLC increased its position in Spotify Technology by 35.9% during the 3rd quarter. GAMMA Investing LLC now owns 677 shares of the company’s stock valued at $249,000 after purchasing an additional 179 shares during the period. Miracle Mile Advisors LLC bought a new position in Spotify Technology during the 3rd quarter worth approximately $242,000. Finally, Axiom Advisory LLC lifted its position in shares of Spotify Technology by 1.6% in the 3rd quarter. Axiom Advisory LLC now owns 3,840 shares of the company’s stock worth $1,415,000 after purchasing an additional 60 shares during the period. 84.09% of the stock is owned by 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.