Spotify Technology (NYSE:SPOT) Price Target Raised to $700.00

Spotify Technology (NYSE:SPOT) had its price target upped by equities research analysts at Canaccord Genuity Group from $650.00 to $700.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 12.42% from the company’s current price.

Other research analysts also recently issued reports about the company. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $480.00 price target (down from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. Guggenheim upped their target price on shares of Spotify Technology from $520.00 to $675.00 and gave the company a “buy” rating in a research note on Wednesday. Phillip Securities restated an “accumulate” rating and issued a $485.00 price target (up from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. The Goldman Sachs Group upped their price objective on shares of Spotify Technology from $490.00 to $550.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Finally, Piper Sandler lifted their target price on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $473.36.

Spotify Technology Trading Up 13.4 %

Shares of Spotify Technology stock opened at $622.69 on Wednesday. Spotify Technology has a 1-year low of $219.36 and a 1-year high of $623.40. The firm has a fifty day simple moving average of $485.02 and a 200-day simple moving average of $409.38. The stock has a market capitalization of $123.95 billion, a price-to-earnings ratio of 169.21 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The firm had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm’s revenue was up 18.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.36 EPS. As a group, research analysts predict that Spotify Technology will post 5.91 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SPOT. Prestige Wealth Management Group LLC acquired a new position in Spotify Technology in the third quarter valued at about $26,000. Hobbs Group Advisors LLC bought a new position in shares of Spotify Technology during the 3rd quarter valued at about $33,000. Larson Financial Group LLC grew its position in shares of Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares during the period. V Square Quantitative Management LLC acquired a new position in shares of Spotify Technology in the 3rd quarter valued at approximately $40,000. Finally, Rakuten Securities Inc. increased its stake in Spotify Technology by 40.5% during the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after purchasing an additional 32 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

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.