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

Spotify Technology (NYSE:SPOT) had its price target upped by Citigroup from $540.00 to $720.00 in a research note published on Friday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities research analysts also recently commented on the company. Wolfe Research restated a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. Piper Sandler lifted their target price on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. UBS Group lifted their target price on Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. KeyCorp lifted their target price on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $658.00 target price (up previously from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $529.43.

Spotify Technology Stock Performance

NYSE SPOT opened at $637.75 on Friday. The stock’s fifty day moving average is $505.57 and its two-hundred day moving average is $423.21. The firm has a market capitalization of $126.94 billion, a P/E ratio of 107.18 and a beta of 1.63. Spotify Technology has a fifty-two week low of $239.66 and a fifty-two week high of $652.63.

Spotify Technology (NYSE:SPOT) last posted 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 net margin of 7.26% and a return on equity of 25.56%. The business had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter in the prior year, the firm earned $0.36 EPS. Spotify Technology’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Spotify Technology will post 9.69 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Aigen Investment Management LP boosted its position in shares of Spotify Technology by 42.4% in the 3rd quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after purchasing an additional 2,918 shares during the period. Jennison Associates LLC acquired a new stake in shares of Spotify Technology in the 4th quarter valued at about $1,335,575,000. Marks Group Wealth Management Inc acquired a new stake in shares of Spotify Technology in the 4th quarter valued at about $535,000. Patriot Financial Group Insurance Agency LLC acquired a new stake in shares of Spotify Technology in the 4th quarter valued at about $214,000. Finally, Pathway Capital Management LP boosted its position in shares of Spotify Technology by 23.8% in the 3rd quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock valued at $21,132,000 after purchasing an additional 11,042 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

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.