Spotify Technology (NYSE:SPOT) Price Target Raised to $750.00

Spotify Technology (NYSE:SPOT) had its price objective lifted by Evercore ISI from $650.00 to $750.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities research analysts have also issued reports on the stock. Rosenblatt Securities cut their target price on shares of Spotify Technology from $658.00 to $657.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 30th. UBS Group reaffirmed an “overweight” rating on shares of Spotify Technology in a report on Friday, June 6th. Phillip Securities upgraded Spotify Technology to a “moderate sell” rating in a research report on Monday, May 5th. Cantor Fitzgerald lowered their price target on Spotify Technology from $600.00 to $520.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. Finally, China Renaissance began coverage on Spotify Technology in a research report on Wednesday, March 26th. They set a “buy” rating and a $740.00 price target on the stock. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $630.28.

Spotify Technology Stock Performance

Shares of SPOT opened at $710.76 on Monday. Spotify Technology has a one year low of $288.07 and a one year high of $728.80. The stock has a 50-day moving average price of $639.86 and a 200 day moving average price of $571.10. The company has a market capitalization of $145.50 billion, a P/E ratio of 117.87, a P/E/G ratio of 1.89 and a beta of 1.68.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter last year, the firm posted $0.97 EPS. The firm’s quarterly revenue was up 15.2% on a year-over-year basis. As a group, equities research analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

A number of hedge funds and other institutional investors have recently modified their holdings of SPOT. GQG Partners LLC acquired a new position in shares of Spotify Technology during the 4th quarter valued at $800,725,000. Goldman Sachs Group Inc. grew its holdings 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 acquiring an additional 1,601,653 shares during the period. Jennison Associates LLC raised its position in Spotify Technology by 42.3% in the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company’s stock worth $2,336,494,000 after acquiring an additional 1,262,614 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Spotify Technology by 561.6% in the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock valued at $659,841,000 after acquiring an additional 1,259,183 shares during the last quarter. Finally, Norges Bank acquired a new stake in Spotify Technology in the 4th quarter valued at about $396,028,000. 84.09% of the stock is currently owned by 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.