Morgan Stanley Increases Spotify Technology (NYSE:SPOT) Price Target to $430.00

Spotify Technology (NYSE:SPOT) had its price objective lifted by equities research analysts at Morgan Stanley from $400.00 to $430.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s target price indicates a potential upside of 10.93% from the company’s previous close.

Several other analysts have also issued reports on SPOT. Pivotal Research upped their target price on Spotify Technology from $460.00 to $510.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Jefferies Financial Group restated a “buy” rating and issued a $385.00 price objective (up previously from $242.00) on shares of Spotify Technology in a research note on Thursday, July 11th. Guggenheim increased their price target on shares of Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $320.00 to $425.00 in a report on Wednesday, July 24th. Finally, DZ Bank upgraded Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 target price on the stock in a research note on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $363.24.

Spotify Technology Trading Up 1.5 %

NYSE SPOT opened at $387.63 on Wednesday. The stock’s 50 day moving average price is $354.46 and its two-hundred day moving average price is $324.45. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a market capitalization of $77.16 billion, a price-to-earnings ratio of 158.22 and a beta of 1.58. Spotify Technology has a 52 week low of $145.79 and a 52 week high of $389.48.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $3.82 billion. During the same period in the previous year, the business earned ($1.69) EPS. The company’s revenue was up 19.8% compared to the same quarter last year. As a group, analysts anticipate that Spotify Technology will post 6.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Larson Financial Group LLC grew its position in Spotify Technology by 86.0% during the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after acquiring an additional 43 shares during the last quarter. Transcendent Capital Group LLC acquired a new position in Spotify Technology during the 2nd quarter worth about $25,000. Benjamin Edwards Inc. boosted its holdings in 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 acquiring an additional 58 shares during the last quarter. Mather Group LLC. raised its holdings in Spotify Technology by 9,900.0% during 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 last quarter. Finally, FinTrust Capital Advisors LLC raised its holdings in Spotify Technology by 400.0% during the 1st quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares during the last quarter. 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.