Spotify Technology (NYSE:SPOT) Price Target Raised to $560.00

Spotify Technology (NYSE:SPOTFree Report) had its price target increased by Canaccord Genuity Group from $525.00 to $560.00 in a research report report published on Monday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Other research analysts have also issued research reports about the stock. Deutsche Bank Aktiengesellschaft increased their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Macquarie increased their price target on shares of Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. increased their price objective on shares of Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Bank of America increased their target price on shares of Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $340.00 target price on shares of Spotify Technology in a report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $422.90.

Read Our Latest Stock Report on Spotify Technology

Spotify Technology Stock Up 1.8 %

Shares of NYSE SPOT opened at $502.42 on Monday. The firm’s 50-day moving average price is $411.15 and its two-hundred day moving average price is $354.65. Spotify Technology has a 52-week low of $185.37 and a 52-week high of $506.47. The stock has a market capitalization of $100.01 billion, a P/E ratio of 136.53 and a beta of 1.61.

Spotify Technology (NYSE:SPOTGet Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same period in the prior year, the company posted $0.36 EPS. Spotify Technology’s quarterly revenue was up 18.8% on a year-over-year basis. As a group, equities research analysts expect that Spotify Technology will post 6.02 earnings per share for the current year.

Hedge Funds Weigh In On Spotify Technology

Institutional investors have recently made changes to their positions in the company. Transcendent Capital Group LLC purchased a new stake in shares of Spotify Technology during the second quarter worth about $25,000. Prestige Wealth Management Group LLC acquired a new stake in shares of Spotify Technology during the third quarter worth about $26,000. Benjamin Edwards Inc. lifted its holdings in shares of Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares during the period. Mather Group LLC. lifted its holdings in shares of Spotify Technology by 9,900.0% during the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after purchasing an additional 99 shares during the period. Finally, Hobbs Group Advisors LLC acquired a new stake in shares of Spotify Technology during the third quarter worth about $33,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Company Profile

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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.

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Analyst Recommendations for Spotify Technology (NYSE:SPOT)

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