Spotify Technology (NYSE:SPOT) Price Target Raised to $560.00 at Canaccord Genuity Group

Spotify Technology (NYSE:SPOT) had its price objective upped by equities research analysts at Canaccord Genuity Group from $525.00 to $560.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 16.93% from the stock’s current price.

A number of other equities analysts have also recently commented on SPOT. Cantor Fitzgerald reissued a “neutral” rating and issued a $340.00 price target on shares of Spotify Technology in a report on Monday, October 7th. Pivotal Research raised their price target on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Morgan Stanley lifted their price target on Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Macquarie raised their price objective on Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Finally, Wells Fargo & Company boosted their target price on Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $422.90.

Spotify Technology Price Performance

Spotify Technology stock opened at $478.90 on Monday. Spotify Technology has a one year low of $185.37 and a one year high of $489.69. The firm has a market capitalization of $95.33 billion, a P/E ratio of 130.14 and a beta of 1.56. The business has a fifty day moving average price of $404.30 and a 200-day moving average price of $350.99.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). The firm had revenue of $3.99 billion during 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% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.36 earnings per share. Sell-side analysts expect that Spotify Technology will post 6.02 earnings per share for the current fiscal year.

Institutional Trading of Spotify Technology

Several large investors have recently bought and sold shares of SPOT. Franklin Resources Inc. increased its stake in shares of Spotify Technology by 2.6% in the 3rd quarter. Franklin Resources Inc. now owns 641,720 shares of the company’s stock worth $239,041,000 after acquiring an additional 16,511 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Spotify Technology in the third quarter worth about $1,477,000. Sanctuary Advisors LLC lifted its holdings in shares of Spotify Technology by 115.6% during the third quarter. Sanctuary Advisors LLC now owns 15,444 shares of the company’s stock valued at $5,692,000 after purchasing an additional 8,282 shares during the last quarter. Virtu Financial LLC purchased a new position in shares of Spotify Technology during the third quarter valued at approximately $1,782,000. Finally, M&T Bank Corp grew its stake in shares of Spotify Technology by 5.5% in the 3rd quarter. M&T Bank Corp now owns 26,991 shares of the company’s stock worth $9,947,000 after buying an additional 1,395 shares during the last quarter. 84.09% of the stock is owned by 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.