Spotify Technology (NYSE:SPOT) Price Target Raised to $425.00

Spotify Technology (NYSE:SPOT) had its price target boosted by JPMorgan Chase & Co. from $375.00 to $425.00 in a research report report published on Wednesday, Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts have also recently weighed in on SPOT. DZ Bank raised shares of Spotify Technology from a hold rating to a buy rating and set a $375.00 target price on the stock in a report on Wednesday. Raymond James raised their target price on shares of Spotify Technology from $260.00 to $320.00 and gave the company an outperform rating in a report on Monday, April 15th. Macquarie raised their target price on shares of Spotify Technology from $345.00 to $395.00 and gave the company an outperform rating in a report on Tuesday. Canaccord Genuity Group increased their price target on shares of Spotify Technology from $315.00 to $330.00 and gave the company a buy rating in a research note on Monday, April 22nd. Finally, Morgan Stanley increased their price target on shares of Spotify Technology from $270.00 to $350.00 and gave the company an overweight rating in a research note on Monday, April 22nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $353.15.

Spotify Technology Stock Down 2.2 %

Shares of Spotify Technology stock opened at $321.87 on Wednesday. The business has a 50-day simple moving average of $310.88 and a 200-day simple moving average of $276.89. Spotify Technology has a one year low of $129.23 and a one year high of $346.23. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.42.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.25. The firm had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The firm’s revenue was up 19.8% compared to the same quarter last year. During the same quarter last year, the company earned ($1.69) earnings per share. On average, sell-side analysts forecast that Spotify Technology will post 5.71 earnings per share for the current year.

Institutional Investors Weigh In On Spotify Technology

Several large investors have recently modified their holdings of the stock. Clearbridge Investments LLC raised its stake in shares of Spotify Technology by 0.6% during the first quarter. Clearbridge Investments LLC now owns 6,892 shares of the company’s stock worth $1,819,000 after purchasing an additional 38 shares during the last quarter. Cigna Investments Inc. New raised its stake in shares of Spotify Technology by 3.3% during the second quarter. Cigna Investments Inc. New now owns 1,260 shares of the company’s stock worth $395,000 after purchasing an additional 40 shares during the last quarter. Moody Lynn & Lieberson LLC raised its stake in shares of Spotify Technology by 0.6% during the second quarter. Moody Lynn & Lieberson LLC now owns 6,843 shares of the company’s stock worth $2,147,000 after purchasing an additional 40 shares during the last quarter. Larson Financial Group LLC raised its position in Spotify Technology by 86.0% in the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after acquiring an additional 43 shares in the last quarter. Finally, Lindbrook Capital LLC raised its position in Spotify Technology by 32.3% in the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after acquiring an additional 50 shares in the last quarter. Hedge funds and other institutional investors 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.