Macquarie Forecasts Strong Price Appreciation for Spotify Technology (NYSE:SPOT) Stock

Spotify Technology (NYSE:SPOT) had its price objective lifted by investment analysts at Macquarie from $500.00 to $600.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Macquarie’s price target would suggest a potential upside of 9.29% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. The Goldman Sachs Group boosted their target price on shares of Spotify Technology from $490.00 to $550.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Canaccord Genuity Group increased their price target on Spotify Technology from $525.00 to $560.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Wolfe Research reiterated a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. Barclays increased their price target on shares of Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Finally, TD Cowen upped their price objective on shares of Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $451.39.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $549.02 on Thursday. The firm has a market cap of $109.28 billion, a price-to-earnings ratio of 149.19 and a beta of 1.62. The business’s 50-day simple moving average is $479.23 and its 200-day simple moving average is $402.03. Spotify Technology has a 52 week low of $213.31 and a 52 week high of $560.36.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data 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). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The business had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same period in the prior year, the firm posted $0.36 EPS. Spotify Technology’s revenue for the quarter was up 18.8% on a year-over-year basis. As a group, equities research analysts forecast that Spotify Technology will post 5.91 earnings per share for the current year.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors have recently added to or reduced their stakes in the business. WCM Investment Management LLC increased 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 buying an additional 605,755 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in shares of Spotify Technology by 3.0% during the 3rd 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 period. Jennison Associates LLC purchased a new position in shares of Spotify Technology in the 4th quarter valued at approximately $1,335,575,000. State Street Corp grew its stake 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 purchasing an additional 28,864 shares during the period. Finally, FMR LLC raised its holdings in Spotify Technology by 23.4% in the third 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 in the last quarter. 84.09% of the stock is currently owned by institutional investors.

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.