Spotify Technology (NYSE:SPOT) Given New $600.00 Price Target at Macquarie

Spotify Technology (NYSE:SPOT) had its price objective raised by Macquarie from $500.00 to $600.00 in a research note issued to investors on Thursday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other equities research analysts also recently commented on the stock. KeyCorp raised their price objective on shares of Spotify Technology from $520.00 to $555.00 and gave the company an “overweight” rating in a research report on Friday, January 10th. Wolfe Research restated a “peer perform” rating on shares of Spotify Technology in a research note on Friday, January 17th. Deutsche Bank Aktiengesellschaft increased their price objective on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Pivotal Research boosted their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, Canaccord Genuity Group increased their price target on shares of Spotify Technology from $525.00 to $560.00 and gave the company a “buy” rating in a report on Monday, December 2nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $449.79.

Spotify Technology Stock Up 2.2 %

SPOT opened at $550.45 on Thursday. The business has a 50 day moving average price of $477.67 and a two-hundred day moving average price of $400.99. Spotify Technology has a 52 week low of $213.31 and a 52 week high of $558.31. The company has a market cap of $109.57 billion, a PE ratio of 149.58 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last released 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). The company had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. Spotify Technology’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.36 EPS. As a group, sell-side analysts expect that Spotify Technology will post 5.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Hedge funds have recently made changes to their positions in the business. Strategic Financial Concepts LLC purchased a new position in Spotify Technology during the fourth quarter worth about $56,000. Allworth Financial LP increased its stake in shares of Spotify Technology by 134.0% during the 4th quarter. Allworth Financial LP now owns 372 shares of the company’s stock valued at $184,000 after acquiring an additional 213 shares during the last quarter. Principal Securities Inc. lifted its holdings in shares of Spotify Technology by 45.9% during the 4th quarter. Principal Securities Inc. now owns 1,227 shares of the company’s stock worth $549,000 after acquiring an additional 386 shares during the period. Everhart Financial Group Inc. boosted its position in shares of Spotify Technology by 2.8% in the fourth quarter. Everhart Financial Group Inc. now owns 3,255 shares of the company’s stock worth $1,456,000 after acquiring an additional 90 shares during the last quarter. Finally, WealthPlan Investment Management LLC purchased a new stake in Spotify Technology in the fourth quarter valued at approximately $217,000. 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.