Spotify Technology (NYSE:SPOT) Price Target Raised to $525.00

Spotify Technology (NYSE:SPOT) had its price target hoisted by Canaccord Genuity Group from $475.00 to $525.00 in a report published on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

SPOT has been the subject of a number of other research reports. Guggenheim lifted their price objective on Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Evercore ISI lifted their price objective on Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Benchmark lifted their price objective on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research report on Monday, November 11th. The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $320.00 to $425.00 in a research report on Wednesday, July 24th. Finally, KeyCorp lifted their price objective on Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Stock Down 4.0 %

NYSE SPOT opened at $458.32 on Thursday. Spotify Technology has a fifty-two week low of $170.62 and a fifty-two week high of $489.69. The stock has a market cap of $91.23 billion, a price-to-earnings ratio of 124.54 and a beta of 1.56. The business has a fifty day moving average of $378.15 and a 200-day moving average of $338.61.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share 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 company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same period last year, the firm earned $0.36 earnings per share. The business’s revenue was up 18.8% compared to the same quarter last year. As a group, analysts anticipate that Spotify Technology will post 6.09 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. WCM Investment Management LLC lifted its stake in shares of Spotify Technology by 18.5% in the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after acquiring an additional 605,755 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Spotify Technology by 3.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock worth $1,286,969,000 after acquiring an additional 102,786 shares in the last quarter. GQG Partners LLC acquired a new position in shares of Spotify Technology in the first quarter worth about $610,040,000. State Street Corp lifted its stake in shares of Spotify Technology by 1.5% in the third quarter. State Street Corp now owns 1,997,323 shares of the company’s stock worth $736,073,000 after acquiring an additional 28,864 shares in the last quarter. Finally, FMR LLC lifted its stake in shares of Spotify Technology by 23.4% in the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after acquiring an additional 297,035 shares in the last quarter. Institutional investors and hedge funds 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.