Barclays Issues Positive Forecast for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its price objective lifted by Barclays from $475.00 to $710.00 in a research report released on Wednesday,Benzinga reports. The firm currently has an overweight rating on the stock.

SPOT has been the subject of a number of other reports. Rosenblatt Securities reiterated a “neutral” rating and issued a $658.00 price target (up from $473.00) on shares of Spotify Technology in a research note on Wednesday. Piper Sandler increased their target price on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Canaccord Genuity Group lifted their price target on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research note on Wednesday. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $480.00 price objective (down previously from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Finally, Wells Fargo & Company lifted their target price on shares of Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $509.61.

Spotify Technology Stock Up 0.5 %

Spotify Technology stock opened at $625.04 on Wednesday. The stock has a market cap of $124.41 billion, a PE ratio of 169.85 and a beta of 1.63. Spotify Technology has a 12-month low of $227.52 and a 12-month high of $630.77. The business’s 50-day moving average price is $485.02 and its two-hundred day moving average price is $409.38.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (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 the consensus estimate of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period last year, the firm posted $0.36 earnings per share. As a group, analysts expect that Spotify Technology will post 5.91 earnings per share for the current year.

Institutional Trading of Spotify Technology

Several hedge funds have recently modified their holdings of the stock. Aigen Investment Management LP grew its holdings in Spotify Technology by 42.4% in the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock worth $3,612,000 after purchasing an additional 2,918 shares during the period. Jennison Associates LLC bought a new position in shares of Spotify Technology during the 4th quarter worth about $1,335,575,000. Patriot Financial Group Insurance Agency LLC acquired a new stake in shares of Spotify Technology in the 4th quarter valued at about $214,000. Pathway Capital Management LP increased its position in Spotify Technology by 23.8% in the 3rd quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock valued at $21,132,000 after buying an additional 11,042 shares in the last quarter. Finally, Perpetual Ltd increased its position in Spotify Technology by 24.3% in the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after buying an additional 148,431 shares in the last quarter. Institutional investors 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.