Spotify Technology (NYSE:SPOT) Stock Price Expected to Rise, Benchmark Analyst Says

Spotify Technology (NYSE:SPOT) had its price target raised by Benchmark from $600.00 to $720.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

Other research analysts have also issued reports about the company. Phillip Securities reiterated an “accumulate” rating and issued a $485.00 price objective (up from $420.00) on shares of Spotify Technology in a research 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 report on Wednesday. Wells Fargo & Company raised their price objective on Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a research report on Wednesday. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $480.00 target price (down previously from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. Finally, Piper Sandler lifted their price target on shares of Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $509.61.

Spotify Technology Stock Up 0.5 %

NYSE SPOT opened at $625.04 on Wednesday. Spotify Technology has a 52 week low of $227.52 and a 52 week high of $630.77. The business’s fifty day simple moving average is $485.02 and its 200-day simple moving average is $409.38. The firm has a market cap of $124.41 billion, a PE ratio of 169.85 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last issued 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 firm had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same period last year, the firm earned $0.36 earnings per share. Spotify Technology’s revenue for the quarter was up 18.8% on a year-over-year basis. Research analysts expect that Spotify Technology will post 5.91 EPS for the current year.

Institutional Trading of Spotify Technology

Institutional investors have recently bought and sold shares of the business. Aigen Investment Management LP lifted its stake in Spotify Technology by 42.4% during the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock worth $3,612,000 after purchasing an additional 2,918 shares during the last quarter. Jennison Associates LLC purchased a new position in Spotify Technology in the fourth quarter valued at approximately $1,335,575,000. Patriot Financial Group Insurance Agency LLC acquired a new stake in Spotify Technology during the fourth quarter worth approximately $214,000. Pathway Capital Management LP lifted its position in shares of Spotify Technology by 23.8% during the 3rd quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock worth $21,132,000 after buying an additional 11,042 shares during the last quarter. Finally, Perpetual Ltd boosted its holdings in shares of Spotify Technology by 24.3% in the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after buying an additional 148,431 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

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.