Spotify Technology (NYSE:SPOT) Receives $758.86 Average Target Price from Brokerages

Spotify Technology (NYSE:SPOT) has been assigned a consensus recommendation of “Moderate Buy” from the thirty-four analysts that are presently covering the company, MarketBeat reports. Nine equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $760.2333.

Several brokerages have issued reports on SPOT. DZ Bank upgraded Spotify Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Rosenblatt Securities lowered their price objective on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 5th. Barclays cut their target price on shares of Spotify Technology from $750.00 to $700.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. BNP Paribas raised shares of Spotify Technology to a “strong-buy” rating in a research report on Tuesday, September 16th. Finally, Cantor Fitzgerald upped their price target on shares of Spotify Technology from $640.00 to $675.00 and gave the company a “neutral” rating in a research note on Wednesday, November 5th.

Spotify Technology Stock Down 2.2%

SPOT opened at $566.43 on Thursday. Spotify Technology has a twelve month low of $443.21 and a twelve month high of $785.00. The company’s 50-day moving average price is $625.20 and its two-hundred day moving average price is $675.68. The stock has a market cap of $116.62 billion, a price-to-earnings ratio of 89.06, a PEG ratio of 1.91 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.87 by $1.96. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The company had revenue of $5.01 billion during the quarter, compared to analyst estimates of $4.23 billion. During the same quarter last year, the business posted $1.45 EPS. Spotify Technology’s quarterly revenue was up 7.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current year.

Hedge Funds Weigh In On Spotify Technology

A number of large investors have recently made changes to their positions in SPOT. KERR FINANCIAL PLANNING Corp purchased a new stake in Spotify Technology during the 3rd quarter worth about $26,000. Knuff & Co LLC purchased a new stake in shares of Spotify Technology in the second quarter worth about $27,000. Heartwood Wealth Advisors LLC bought a new position in shares of Spotify Technology in the third quarter valued at approximately $27,000. Greykasell Wealth Strategies Inc. boosted its position in shares of Spotify Technology by 3,800.0% in the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after acquiring an additional 38 shares during the period. Finally, Total Investment Management Inc. purchased a new position in Spotify Technology during the second quarter valued at approximately $29,000. 84.09% of the stock is 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.