Citigroup Issues Positive Forecast for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its price target raised by equities researchers at Citigroup from $540.00 to $720.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s target price would indicate a potential upside of 14.03% from the stock’s previous close.

Several other analysts have also recently commented on the company. Wolfe Research restated a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. TD Cowen increased their target price on Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. Macquarie raised their price target on Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Morgan Stanley raised their price target on Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Finally, Guggenheim raised their price target on Spotify Technology from $520.00 to $675.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $529.43.

Spotify Technology Price Performance

Shares of SPOT stock traded down $16.91 during trading hours on Friday, hitting $631.41. 993,615 shares of the company’s stock were exchanged, compared to its average volume of 2,047,639. The stock’s 50-day moving average is $505.57 and its 200-day moving average is $423.21. The stock has a market cap of $125.68 billion, a price-to-earnings ratio of 106.08 and a beta of 1.63. Spotify Technology has a 52 week low of $239.66 and a 52 week high of $652.63.

Spotify Technology (NYSE:SPOT) last announced 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 the consensus estimate of $4.03 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. Spotify Technology’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.36 EPS. Equities research analysts forecast that Spotify Technology will post 9.69 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of SPOT. Prestige Wealth Management Group LLC acquired a new stake in Spotify Technology in the 3rd quarter valued at approximately $26,000. Hillsdale Investment Management Inc. acquired a new stake in Spotify Technology in the 4th quarter valued at approximately $27,000. Hobbs Group Advisors LLC acquired a new stake in Spotify Technology in the 3rd quarter valued at approximately $33,000. Larson Financial Group LLC grew its stake in Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares in the last quarter. Finally, V Square Quantitative Management LLC bought a new position in Spotify Technology in the third quarter valued at approximately $40,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

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.