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

Spotify Technology (NYSE:SPOT) had its price target hoisted by stock analysts at Morgan Stanley from $550.00 to $670.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s price objective suggests a potential upside of 7.60% from the stock’s current price.

Several other research firms have also recently issued reports on SPOT. Rosenblatt Securities restated a “neutral” rating and set a $658.00 target price (up previously from $473.00) on shares of Spotify Technology in a research note on Wednesday. Macquarie increased their target price on Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. The Goldman Sachs Group increased their price objective on shares of Spotify Technology from $490.00 to $550.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Canaccord Genuity Group upped their target price on shares of Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Wells Fargo & Company increased their price target on Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $480.86.

Spotify Technology Stock Performance

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

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). The business had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.36 earnings per share. On average, analysts forecast that Spotify Technology will post 5.91 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. First Horizon Advisors Inc. lifted its holdings in shares of Spotify Technology by 5.8% in the 3rd quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock worth $176,000 after acquiring an additional 26 shares during the last quarter. West Bancorporation Inc. raised its position in Spotify Technology by 3.4% in the 3rd quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock worth $305,000 after purchasing an additional 27 shares during the period. Joel Isaacson & Co. LLC lifted its stake in Spotify Technology by 1.9% in the fourth quarter. Joel Isaacson & Co. LLC now owns 1,559 shares of the company’s stock worth $697,000 after purchasing an additional 29 shares during the last quarter. Avior Wealth Management LLC lifted its stake in Spotify Technology by 12.0% in the third quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock worth $104,000 after purchasing an additional 30 shares during the last quarter. Finally, Park National Corp OH boosted its position in shares of Spotify Technology by 4.1% during the fourth quarter. Park National Corp OH now owns 793 shares of the company’s stock valued at $355,000 after buying an additional 31 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

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.