Evercore ISI Boosts Spotify Technology (NYSE:SPOT) Price Target to $460.00

Spotify Technology (NYSE:SPOT) had its target price hoisted by Evercore ISI from $420.00 to $460.00 in a research report report published on Thursday morning, MarketBeat Ratings reports. Evercore ISI currently has an outperform rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. Rosenblatt Securities increased their price target on shares of Spotify Technology from $396.00 to $399.00 and gave the company a buy rating in a report on Wednesday, July 24th. Pivotal Research lifted their target price on Spotify Technology from $400.00 to $460.00 and gave the stock a buy rating in a report on Wednesday, July 24th. Citigroup upped their price target on Spotify Technology from $255.00 to $310.00 and gave the company a neutral rating in a report on Tuesday, May 7th. TD Cowen lifted their price objective on Spotify Technology from $273.00 to $356.00 and gave the stock a hold rating in a report on Wednesday, July 24th. Finally, Barclays upped their target price on shares of Spotify Technology from $350.00 to $360.00 and gave the company an overweight rating in a research note on Wednesday, July 24th. One research 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 stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $356.96.

Spotify Technology Stock Performance

Spotify Technology stock opened at $342.88 on Thursday. Spotify Technology has a twelve month low of $144.40 and a twelve month high of $359.38. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $65.22 billion, a P/E ratio of -511.76 and a beta of 1.59. The stock’s 50 day moving average is $324.06 and its 200 day moving average is $298.07.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.25. The firm had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The company’s revenue was up 19.8% on a year-over-year basis. During the same period last year, the company earned ($1.69) earnings per share. On average, equities research analysts predict that Spotify Technology will post 6.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Several institutional investors have recently bought and sold shares of SPOT. Maven Securities LTD bought a new stake in shares of Spotify Technology in the second quarter worth about $284,000. Cetera Investment Advisers lifted its holdings in shares of Spotify Technology by 58.0% in the 2nd quarter. Cetera Investment Advisers now owns 21,064 shares of the company’s stock valued at $6,610,000 after acquiring an additional 7,732 shares during the last quarter. Truist Financial Corp grew its position in Spotify Technology by 67.2% in the second quarter. Truist Financial Corp now owns 21,143 shares of the company’s stock worth $6,634,000 after acquiring an additional 8,501 shares in the last quarter. EP Wealth Advisors LLC purchased a new position in Spotify Technology in the second quarter worth about $215,000. Finally, B. Riley Wealth Advisors Inc. bought a new stake in Spotify Technology during the second quarter worth approximately $431,000. 84.09% of the stock is 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.