Spotify Technology (NYSE:SPOT) Price Target Raised to $560.00

Spotify Technology (NYSE:SPOT) had its price objective boosted by Canaccord Genuity Group from $525.00 to $560.00 in a research note published on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other brokerages have also commented on SPOT. JPMorgan Chase & Co. upped their price target on Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Piper Sandler increased their target price on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Cantor Fitzgerald reissued a “neutral” rating and set a $340.00 target price on shares of Spotify Technology in a research note on Monday, October 7th. KeyCorp increased their price target on Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Finally, Bank of America increased their price target on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. One research 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 stock. According to data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and a consensus price target of $422.90.

Spotify Technology Price Performance

Spotify Technology stock opened at $502.42 on Monday. The stock has a market capitalization of $100.01 billion, a PE ratio of 136.53 and a beta of 1.61. Spotify Technology has a 12 month low of $185.37 and a 12 month high of $506.47. The business has a 50 day simple moving average of $411.15 and a 200-day simple moving average of $354.65.

Spotify Technology (NYSE:SPOT) last issued its quarterly 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). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter in the previous year, the firm posted $0.36 earnings per share. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. On average, equities research analysts anticipate that Spotify Technology will post 6.02 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Several hedge funds and other institutional investors have recently modified their holdings of SPOT. Prestige Wealth Management Group LLC bought a new position in Spotify Technology during the third quarter worth about $26,000. Transcendent Capital Group LLC bought a new stake in shares of Spotify Technology in the second quarter valued at approximately $25,000. Benjamin Edwards Inc. boosted its stake in shares of Spotify Technology by 214.8% in the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after buying an additional 58 shares during the period. Hobbs Group Advisors LLC acquired a new position in Spotify Technology during the third quarter valued at approximately $33,000. Finally, Larson Financial Group LLC raised its position in Spotify Technology by 51.6% during 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. 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.