Spotify Technology (NYSE:SPOT) Price Target Raised to $420.00 at Guggenheim

Spotify Technology (NYSE:SPOT) had its price target lifted by Guggenheim from $400.00 to $420.00 in a research note released on Wednesday, Benzinga reports. Guggenheim currently has a buy rating on the stock.

A number of other research firms have also commented on SPOT. Deutsche Bank Aktiengesellschaft lifted their target price on Spotify Technology from $260.00 to $340.00 and gave the stock a buy rating in a report on Wednesday, April 17th. JPMorgan Chase & Co. raised their price target on Spotify Technology from $375.00 to $425.00 and gave the stock an overweight rating in a research note on Wednesday. The Goldman Sachs Group raised Spotify Technology from a neutral rating to a buy rating and raised their target price for the stock from $320.00 to $425.00 in a research report on Wednesday. Canaccord Genuity Group increased their price objective on shares of Spotify Technology from $315.00 to $330.00 and gave the stock a buy rating in a research note on Monday, April 22nd. Finally, Wolfe Research began coverage on shares of Spotify Technology in a research report on Friday, July 12th. They set an outperform rating and a $390.00 target price for the company. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $353.15.

Spotify Technology Price Performance

Spotify Technology stock opened at $321.88 on Wednesday. The business’s fifty day simple moving average is $310.88 and its two-hundred day simple moving average is $277.48. Spotify Technology has a 12 month low of $129.23 and a 12 month 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 (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The firm had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. During the same quarter in the prior year, the firm posted ($1.69) earnings per share. The business’s revenue was up 19.8% on a year-over-year basis. Equities analysts expect that Spotify Technology will post 5.88 earnings per share for the current year.

Institutional Investors Weigh In On Spotify Technology

Several large investors have recently bought and sold shares of SPOT. Transcendent Capital Group LLC bought a new stake in shares of Spotify Technology in the 2nd quarter worth about $25,000. Larson Financial Group LLC lifted its stake in shares of Spotify Technology by 86.0% in the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock valued at $25,000 after purchasing an additional 43 shares during the last quarter. Mather Group LLC. boosted its holdings in shares of Spotify Technology by 9,900.0% in the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after purchasing an additional 99 shares during the period. FinTrust Capital Advisors LLC increased its position in shares of Spotify Technology by 400.0% during the 1st quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares during the last quarter. Finally, Fifth Third Bancorp raised its holdings in Spotify Technology by 640.0% during the 2nd quarter. Fifth Third Bancorp now owns 148 shares of the company’s stock valued at $46,000 after buying an additional 128 shares during the period. 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.