Spotify Technology (NYSE:SPOT) Price Target Raised to $416.00

Spotify Technology (NYSE:SPOT) had its price target increased by TD Cowen from $356.00 to $416.00 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has a hold rating on the stock.

SPOT has been the subject of several other reports. Deutsche Bank Aktiengesellschaft lifted 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. JPMorgan Chase & Co. boosted 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. Evercore ISI increased their price target on Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. DZ Bank upgraded shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective for the company in a research note on Wednesday, July 24th. Finally, Pivotal Research increased their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Price Performance

Spotify Technology stock opened at $458.32 on Wednesday. The stock’s 50 day moving average is $378.15 and its 200 day moving average is $338.24. Spotify Technology has a one year low of $170.62 and a one year high of $489.69. The firm has a market cap of $91.23 billion, a P/E ratio of 124.54 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $4.03 billion. During the same quarter last year, the firm posted $0.36 EPS. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. Equities analysts anticipate that Spotify Technology will post 6.09 earnings per share for the current fiscal year.

Institutional Trading of Spotify Technology

A number of institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC boosted its position in Spotify Technology by 6.9% in the third quarter. Geode Capital Management LLC now owns 224,209 shares of the company’s stock worth $82,628,000 after purchasing an additional 14,426 shares during the last quarter. Aequim Alternative Investments LP purchased a new position in shares of Spotify Technology in the 3rd quarter worth about $3,943,000. Prestige Wealth Management Group LLC bought a new position in Spotify Technology during the third quarter valued at about $26,000. M&T Bank Corp increased its holdings in Spotify Technology by 5.5% during the third quarter. M&T Bank Corp now owns 26,991 shares of the company’s stock worth $9,947,000 after buying an additional 1,395 shares during the last quarter. Finally, Continuum Advisory LLC raised its position in Spotify Technology by 12.2% in the third quarter. Continuum Advisory LLC now owns 313 shares of the company’s stock worth $115,000 after acquiring an additional 34 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

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.