Spotify Technology (NYSE:SPOT) Price Target Raised to $540.00 at UBS Group

Spotify Technology (NYSE:SPOT) had its price objective raised by analysts at UBS Group from $485.00 to $540.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. UBS Group’s price objective suggests a potential upside of 10.25% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Barclays lifted their price target on Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. increased their price objective on Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Bank of America upped their price target on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, The Goldman Sachs Group raised their target price on Spotify Technology from $490.00 to $550.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $438.36.

Spotify Technology Trading Up 5.6 %

NYSE SPOT traded up $26.19 during mid-day trading on Wednesday, hitting $489.78. The company’s stock had a trading volume of 1,335,721 shares, compared to its average volume of 1,569,174. The company’s 50 day simple moving average is $463.33 and its 200 day simple moving average is $386.77. Spotify Technology has a twelve month low of $191.88 and a twelve month high of $506.47. The firm has a market capitalization of $97.49 billion, a price-to-earnings ratio of 133.09 and a beta of 1.62.

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

Institutional Trading of Spotify Technology

A number of hedge funds have recently added to or reduced their stakes in the business. Aigen Investment Management LP lifted its position in shares of Spotify Technology by 42.4% in the 3rd quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock worth $3,612,000 after purchasing an additional 2,918 shares during the period. Pathway Capital Management LP lifted its holdings in Spotify Technology by 23.8% during the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock worth $21,132,000 after buying an additional 11,042 shares during the period. Perpetual Ltd boosted its position in Spotify Technology by 24.3% during the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after acquiring an additional 148,431 shares in the last quarter. Covenant Asset Management LLC purchased a new position in shares of Spotify Technology in the 3rd quarter valued at $3,364,000. Finally, Jag Capital Management LLC bought a new position in shares of Spotify Technology in the 3rd quarter worth $13,569,000. 84.09% of the stock is owned by hedge funds and other 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.