Spotify Technology (NYSE:SPOT) Given New $720.00 Price Target at Benchmark

Spotify Technology (NYSE:SPOT) had its price objective hoisted by Benchmark from $600.00 to $720.00 in a report issued on Wednesday morning,Benzinga reports. Benchmark currently has a buy rating on the stock.

Other equities research analysts also recently issued research reports about the company. Wells Fargo & Company raised their price target on Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a report on Wednesday. TD Cowen boosted their target price on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Canaccord Genuity Group boosted their price objective on shares of Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. raised their target price on Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $509.61.

Spotify Technology Stock Up 0.5 %

NYSE:SPOT opened at $625.04 on Wednesday. The stock has a market capitalization of $124.41 billion, a price-to-earnings ratio of 169.85 and a beta of 1.63. Spotify Technology has a 52 week low of $227.52 and a 52 week high of $630.77. The firm has a 50 day moving average of $485.02 and a 200 day moving average of $409.38.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). The business had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.36 EPS. As a group, analysts expect that Spotify Technology will post 5.91 EPS for the current year.

Institutional Trading of Spotify Technology

Institutional investors have recently made changes to their positions in the company. SRS Capital Advisors Inc. lifted its holdings in Spotify Technology by 4.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 573 shares of the company’s stock valued at $256,000 after purchasing an additional 25 shares in the last quarter. Bailard Inc. grew its holdings in shares of Spotify Technology by 79.2% during the fourth quarter. Bailard Inc. now owns 40,648 shares of the company’s stock worth $18,185,000 after buying an additional 17,960 shares in the last quarter. Norden Group LLC acquired a new stake in shares of Spotify Technology in the fourth quarter valued at about $201,000. Smartleaf Asset Management LLC lifted its stake in shares of Spotify Technology by 57.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 767 shares of the company’s stock worth $347,000 after buying an additional 280 shares in the last quarter. Finally, Pathway Capital Management LP boosted its position in Spotify Technology by 122.9% during the fourth quarter. Pathway Capital Management LP now owns 127,824 shares of the company’s stock worth $57,186,000 after acquiring an additional 70,484 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

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.