Spotify Technology (NYSE:SPOT) Price Target Raised to $600.00

Spotify Technology (NYSE:SPOT) had its target price raised by Macquarie from $500.00 to $600.00 in a research report sent to investors on Thursday,Benzinga reports. Macquarie currently has an outperform rating on the stock.

Other research analysts also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. KeyCorp increased their price target on Spotify Technology from $520.00 to $555.00 and gave the stock an “overweight” rating in a research report on Friday, January 10th. Bank of America raised their price objective on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. TD Cowen upped their target price on Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research note on Wednesday, November 13th. Finally, Rosenblatt Securities lifted their price target on shares of Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $451.39.

Spotify Technology Stock Down 0.2 %

Shares of SPOT opened at $549.02 on Thursday. The stock’s 50-day moving average price is $480.71 and its 200-day moving average price is $403.74. The company has a market capitalization of $109.28 billion, a price-to-earnings ratio of 149.19 and a beta of 1.62. Spotify Technology has a 52 week low of $213.31 and a 52 week high of $560.36.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 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 for the quarter, compared to analyst estimates of $4.03 billion. During the same period in the previous year, the business earned $0.36 EPS. Spotify Technology’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, equities analysts anticipate that Spotify Technology will post 5.91 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Several institutional investors and hedge funds have recently bought and sold shares of the company. WCM Investment Management LLC raised its position 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 valued at $1,430,142,000 after buying an additional 605,755 shares during the period. Massachusetts Financial Services Co. MA increased its stake 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 worth $1,286,969,000 after acquiring an additional 102,786 shares during the last quarter. Jennison Associates LLC purchased a new stake in Spotify Technology in the fourth quarter valued at $1,335,575,000. State Street Corp lifted its stake in shares of Spotify Technology by 1.5% in the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after purchasing an additional 28,864 shares during the last quarter. Finally, FMR LLC grew its holdings in shares of Spotify Technology by 23.4% during the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after purchasing an additional 297,035 shares during the period. 84.09% of the stock is currently 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.