Spotify Technology (NYSE:SPOT) Price Target Raised to $720.00 at Citigroup

Spotify Technology (NYSE:SPOT) had its price target lifted by Citigroup from $540.00 to $720.00 in a report released on Friday,Benzinga reports. Citigroup currently has a neutral rating on the stock.

Several other equities research analysts also recently weighed in on the company. Piper Sandler raised their price target on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. TD Cowen raised their price target on Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. Phillip Securities reissued an “accumulate” rating and issued a $485.00 price target (up previously from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. Wolfe Research restated a “peer perform” rating on shares of Spotify Technology in a research note on Friday, January 17th. Finally, Benchmark raised their price objective on Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $529.43.

Spotify Technology Price Performance

Shares of SPOT stock opened at $637.75 on Friday. The company has a market cap of $126.94 billion, a P/E ratio of 107.18 and a beta of 1.63. The stock’s 50-day moving average is $505.57 and its 200 day moving average is $423.21. Spotify Technology has a 1-year low of $239.66 and a 1-year high of $652.63.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.30). The business had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. Spotify Technology’s revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.36 EPS. On average, analysts anticipate that Spotify Technology will post 9.69 EPS for the current year.

Institutional Trading of Spotify Technology

A number of institutional investors have recently made changes to their positions in the company. WCM Investment Management LLC boosted its stake in shares of Spotify Technology by 18.5% in the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after acquiring an additional 605,755 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Spotify Technology by 3.0% in 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 acquired a new stake in shares of Spotify Technology in the fourth quarter worth approximately $1,335,575,000. FMR LLC boosted its stake in Spotify Technology by 30.2% during the fourth quarter. FMR LLC now owns 2,041,387 shares of the company’s stock worth $913,276,000 after buying an additional 473,569 shares during the last quarter. Finally, State Street Corp boosted its stake in Spotify Technology by 1.5% during 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. 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.