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

Spotify Technology (NYSE:SPOT) had its target price boosted by equities research analysts at Benchmark from $600.00 to $720.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s target price indicates a potential upside of 15.08% from the stock’s current price.

A number of other equities research analysts have also weighed in on SPOT. Guggenheim lifted 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. Barclays upped their target price on Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a report on Wednesday. Bank of America raised their target price on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. 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 note on Tuesday, January 28th. Finally, Wells Fargo & Company raised their price objective on Spotify Technology from $520.00 to $690.00 and gave the company an “overweight” rating in a research report on Wednesday. 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. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $514.79.

Spotify Technology Stock Down 0.1 %

NYSE:SPOT opened at $625.67 on Wednesday. The firm has a market capitalization of $124.54 billion, a P/E ratio of 170.02 and a beta of 1.63. The company has a fifty day moving average of $488.02 and a 200 day moving average of $410.89. Spotify Technology has a 52 week low of $227.52 and a 52 week high of $630.77.

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

Hedge Funds Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vestmark Advisory Solutions Inc. increased its position in Spotify Technology by 56.4% during the fourth quarter. Vestmark Advisory Solutions Inc. now owns 9,598 shares of the company’s stock valued at $4,294,000 after acquiring an additional 3,460 shares during the last quarter. Pinnacle Wealth Planning Services Inc. increased its position in shares of Spotify Technology by 15.4% during the 4th quarter. Pinnacle Wealth Planning Services Inc. now owns 957 shares of the company’s stock valued at $428,000 after purchasing an additional 128 shares during the last quarter. Lindbrook Capital LLC lifted its stake in shares of Spotify Technology by 3.2% in the 4th quarter. Lindbrook Capital LLC now owns 1,282 shares of the company’s stock worth $574,000 after purchasing an additional 40 shares during the period. GPM Growth Investors Inc. lifted its stake in shares of Spotify Technology by 2.6% in the 4th quarter. GPM Growth Investors Inc. now owns 2,840 shares of the company’s stock worth $1,271,000 after purchasing an additional 73 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in shares of Spotify Technology in the fourth quarter worth approximately $55,637,000. 84.09% of the stock is owned by institutional investors.

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.