Canaccord Genuity Group Issues Positive Forecast for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its price target upped by stock analysts at Canaccord Genuity Group from $525.00 to $560.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 16.93% from the company’s previous close.

Several other research firms have also weighed in on SPOT. Benchmark 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 Monday, November 11th. KeyCorp boosted their price target on Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Morgan Stanley raised their price objective on shares of Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Cantor Fitzgerald reiterated a “neutral” rating and set a $340.00 target price on shares of Spotify Technology in a research report on Monday, October 7th. Finally, Macquarie raised their price target on shares of Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $422.90.

Spotify Technology Price Performance

Spotify Technology stock opened at $478.90 on Monday. The stock’s 50 day moving average is $404.30 and its 200 day moving average is $350.99. Spotify Technology has a one year low of $185.37 and a one year high of $489.69. The firm has a market cap of $95.33 billion, a P/E ratio of 130.14 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 6.02 earnings per share for the current fiscal year.

Institutional Trading of Spotify Technology

Hedge funds have recently added to or reduced their stakes in the stock. WCM Investment Management LLC increased its stake in shares of Spotify Technology by 18.5% during the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after purchasing an additional 605,755 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Spotify Technology by 3.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock valued at $1,286,969,000 after purchasing an additional 102,786 shares during the period. State Street Corp increased its position in Spotify Technology by 1.5% in the third quarter. State Street Corp now owns 1,997,323 shares of the company’s stock worth $736,073,000 after buying an additional 28,864 shares during the last quarter. FMR LLC raised its stake in shares of Spotify Technology by 23.4% in the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after buying an additional 297,035 shares during the period. Finally, Two Sigma Advisers LP lifted its position in shares of Spotify Technology by 19.0% during the 3rd quarter. Two Sigma Advisers LP now owns 980,000 shares of the company’s stock valued at $361,159,000 after buying an additional 156,300 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.