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

Spotify Technology (NYSE:SPOT) had its price objective upped by investment analysts at Guggenheim from $520.00 to $675.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim’s price objective indicates a potential upside of 7.88% from the stock’s current price.

SPOT has been the topic of a number of other research reports. Piper Sandler increased their price target on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Wells Fargo & Company increased their price objective on Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Benchmark reiterated a “buy” rating and set a $520.00 price objective on shares of Spotify Technology in a research report on Thursday, January 16th. Wolfe Research reiterated a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. Finally, Canaccord Genuity Group increased their price objective on Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and a consensus target price of $514.79.

Spotify Technology Trading Down 0.1 %

SPOT opened at $625.67 on Wednesday. Spotify Technology has a 1-year low of $227.52 and a 1-year high of $630.77. The stock’s fifty day simple moving average is $488.02 and its 200 day simple moving average is $410.89. The stock has a market cap of $124.54 billion, a PE 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 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 during the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter last year, the company posted $0.36 EPS. The firm’s revenue was up 18.8% on a year-over-year basis. Equities analysts forecast that Spotify Technology will post 5.91 earnings per share for the current year.

Institutional Trading of Spotify Technology

A number of hedge funds have recently made changes to their positions in the company. Auxano Advisors LLC boosted its stake in shares of Spotify Technology by 2.5% during the fourth quarter. Auxano Advisors LLC now owns 828 shares of the company’s stock valued at $370,000 after purchasing an additional 20 shares in the last quarter. SRS Capital Advisors Inc. boosted its stake in shares of Spotify Technology by 4.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 573 shares of the company’s stock valued at $256,000 after purchasing an additional 25 shares in the last quarter. First Horizon Advisors Inc. boosted its stake in shares of Spotify Technology by 5.8% during the third quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock valued at $176,000 after purchasing an additional 26 shares in the last quarter. West Bancorporation Inc. boosted its stake in shares of Spotify Technology by 3.4% during the third quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock valued at $305,000 after purchasing an additional 27 shares in the last quarter. Finally, Cookson Peirce & Co. Inc. boosted its stake in shares of Spotify Technology by 1.9% during the fourth quarter. Cookson Peirce & Co. Inc. now owns 1,467 shares of the company’s stock valued at $656,000 after purchasing an additional 27 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

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.