Spotify Technology (NYSE:SPOT) Stock Price Expected to Rise, Barclays Analyst Says

Spotify Technology (NYSE:SPOT) had its price objective increased by equities researchers at Barclays from $475.00 to $710.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price target suggests a potential upside of 13.48% from the company’s current price.

A number of other brokerages have also recently weighed in on SPOT. Canaccord Genuity Group upped their price objective on Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research note on Wednesday. Phillip Securities restated an “accumulate” rating and set a $485.00 price objective (up from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. Guggenheim increased their price target on Spotify Technology from $520.00 to $675.00 and gave the company a “buy” rating in a research note on Wednesday. The Goldman Sachs Group increased their price target on Spotify Technology from $490.00 to $550.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Finally, Macquarie increased their price target on Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $514.79.

Spotify Technology Trading Down 0.1 %

SPOT opened at $625.67 on Wednesday. Spotify Technology has a 12-month low of $227.52 and a 12-month high of $630.77. The business’s fifty day simple moving average is $488.02 and its 200-day simple moving average is $410.89. The company has a market capitalization of $124.54 billion, a price-to-earnings ratio of 170.02 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last posted 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 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 the consensus estimate of $4.03 billion. During the same period in the previous year, the company posted $0.36 EPS. Spotify Technology’s quarterly revenue was up 18.8% compared to the same quarter last year. On average, equities research analysts predict that Spotify Technology will post 5.91 EPS for the current year.

Institutional Trading of Spotify Technology

Large investors have recently made changes to their positions in the company. Prestige Wealth Management Group LLC acquired a new position in Spotify Technology during the third quarter worth $26,000. Hobbs Group Advisors LLC acquired a new position in Spotify Technology during the third quarter worth $33,000. Larson Financial Group LLC boosted its stake in Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after buying an additional 33 shares during the last quarter. V Square Quantitative Management LLC acquired a new position in Spotify Technology during the third quarter worth $40,000. Finally, Rakuten Securities Inc. boosted its stake in Spotify Technology by 40.5% during the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after buying an additional 32 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other 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.