Spotify Technology (NYSE:SPOT) Given New $565.00 Price Target at Pivotal Research

Spotify Technology (NYSE:SPOT) had its target price lifted by Pivotal Research from $510.00 to $565.00 in a research report released on Wednesday morning, MarketBeat reports. They currently have a buy rating on the stock.

A number of other research analysts have also recently weighed in on SPOT. Benchmark lifted their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Deutsche Bank Aktiengesellschaft increased their target price on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and increased their price objective for the company from $320.00 to $425.00 in a report on Wednesday, July 24th. Barclays boosted their target price on shares of Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Finally, Guggenheim raised their target price on shares of Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Stock Performance

NYSE SPOT opened at $458.32 on Wednesday. The business’s fifty day moving average is $378.15 and its 200 day moving average is $338.24. Spotify Technology has a fifty-two week low of $170.62 and a fifty-two week high of $489.69. The company has a market capitalization of $91.23 billion, a PE ratio of 124.54 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter last year, the firm posted $0.36 earnings per share. The company’s revenue was up 18.8% compared to the same quarter last year. On average, sell-side analysts forecast that Spotify Technology will post 6.09 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

Several hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC lifted its position in shares of Spotify Technology by 6.9% during the third quarter. Geode Capital Management LLC now owns 224,209 shares of the company’s stock worth $82,628,000 after purchasing an additional 14,426 shares during the last quarter. Aequim Alternative Investments LP bought a new stake in Spotify Technology during the 3rd quarter valued at about $3,943,000. Prestige Wealth Management Group LLC purchased a new stake in Spotify Technology in the 3rd quarter valued at about $26,000. M&T Bank Corp grew its stake in 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 acquiring an additional 1,395 shares in the last quarter. Finally, Continuum Advisory LLC increased its position in shares of Spotify Technology by 12.2% during the third quarter. Continuum Advisory LLC now owns 313 shares of the company’s stock worth $115,000 after acquiring an additional 34 shares during the period. 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.