Spotify Technology (NYSE:SPOT) Price Target Raised to $725.00

Spotify Technology (NYSE:SPOT) had its target price boosted by Guggenheim from $675.00 to $725.00 in a report published on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

SPOT has been the subject of a number of other reports. Robert W. Baird upped their target price on Spotify Technology from $700.00 to $730.00 and gave the company an “outperform” rating in a research report on Thursday, May 1st. China Renaissance began coverage on Spotify Technology in a research report on Wednesday, March 26th. They set a “buy” rating and a $740.00 target price for the company. UBS Group cut their target price on Spotify Technology from $690.00 to $680.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. Redburn Atlantic started coverage on Spotify Technology in a research report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 price objective for the company. Finally, Morgan Stanley upped their price objective on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Eight analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and an average target price of $606.48.

Spotify Technology Trading Up 1.0%

SPOT stock opened at $626.27 on Monday. The firm has a market capitalization of $128.20 billion, a PE ratio of 105.26 and a beta of 1.72. Spotify Technology has a 1-year low of $288.07 and a 1-year high of $663.55. The business’s 50 day simple moving average is $579.61 and its 200 day simple moving average is $528.93.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($1.16). The firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The business’s revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.97 earnings per share. As a group, sell-side analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Several hedge funds have recently made changes to their positions in SPOT. Jennison Associates LLC purchased a new position in shares of Spotify Technology in the fourth quarter valued at $1,335,575,000. GQG Partners LLC purchased a new position in Spotify Technology during the fourth quarter worth about $800,725,000. Goldman Sachs Group Inc. grew its position in Spotify Technology by 1,151.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company’s stock worth $957,494,000 after buying an additional 1,601,653 shares in the last quarter. Forsta AP Fonden purchased a new position in Spotify Technology during the fourth quarter worth about $619,600,000. Finally, Geode Capital Management LLC grew its position in Spotify Technology by 561.6% during the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock worth $659,841,000 after buying an additional 1,259,183 shares in 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.