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

Spotify Technology (NYSE:SPOT) had its price objective lifted by analysts at Morgan Stanley from $550.00 to $670.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s price objective would indicate a potential upside of 7.09% from the company’s current price.

Several other brokerages have also recently issued reports on SPOT. Barclays boosted 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. Macquarie boosted their price target on shares of Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Phillip Securities reiterated an “accumulate” rating and set a $485.00 price target (up previously from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. The Goldman Sachs Group boosted their price target on shares of Spotify Technology from $490.00 to $550.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Finally, Wells Fargo & Company boosted their price target on shares of Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $514.79.

Spotify Technology Trading Down 0.1 %

SPOT stock opened at $625.67 on Wednesday. The firm’s 50-day moving average price is $488.02 and its two-hundred day moving average price is $410.89. Spotify Technology has a 12-month low of $227.52 and a 12-month high of $630.77. The stock 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 released its quarterly earnings data 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 firm had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter in the previous year, the firm posted $0.36 EPS. Spotify Technology’s revenue was up 18.8% compared to the same quarter last year. Equities analysts predict that Spotify Technology will post 5.91 EPS for the current year.

Institutional Trading of Spotify Technology

Several institutional investors and hedge funds have recently made changes to their positions in SPOT. Prestige Wealth Management Group LLC purchased a new position in Spotify Technology in the third quarter valued at about $26,000. Hobbs Group Advisors LLC acquired a new position in Spotify Technology in the third quarter valued at approximately $33,000. Larson Financial Group LLC lifted its holdings in Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after acquiring an additional 33 shares during the period. Quent Capital LLC lifted its holdings in Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after acquiring an additional 57 shares during the period. Finally, V Square Quantitative Management LLC purchased a new position in shares of Spotify Technology during the 3rd quarter valued at approximately $40,000. 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.