Spotify Technology (NYSE:SPOT) Given New $600.00 Price Target at Macquarie

Spotify Technology (NYSE:SPOT) had its target price lifted by Macquarie from $500.00 to $600.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Macquarie’s price target suggests a potential upside of 9.00% from the company’s previous close.

Several other equities research analysts have also commented on the company. Wolfe Research restated a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. JPMorgan Chase & Co. increased their price target on shares of Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. TD Cowen lifted their price objective on shares of Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. Phillip Securities reiterated an “accumulate” rating and issued a $485.00 price objective (up previously from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. Finally, Wells Fargo & Company raised their target price on Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $449.79.

Spotify Technology Stock Performance

Shares of Spotify Technology stock traded up $11.62 during trading on Thursday, hitting $550.45. 2,043,811 shares of the company’s stock were exchanged, compared to its average volume of 1,771,328. The stock has a market capitalization of $109.57 billion, a price-to-earnings ratio of 149.58 and a beta of 1.62. The business has a 50-day simple moving average of $477.67 and a 200-day simple moving average of $400.99. Spotify Technology has a 52-week low of $213.31 and a 52-week high of $558.31.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter in the previous year, the business posted $0.36 EPS. The business’s quarterly revenue was up 18.8% on a year-over-year basis. On average, equities analysts anticipate that Spotify Technology will post 5.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Strategic Financial Concepts LLC acquired a new stake in shares of Spotify Technology in the 4th quarter worth $56,000. Allworth Financial LP increased its stake in Spotify Technology by 134.0% during the fourth quarter. Allworth Financial LP now owns 372 shares of the company’s stock worth $184,000 after acquiring an additional 213 shares during the last quarter. Principal Securities Inc. raised its position in Spotify Technology by 45.9% in the fourth quarter. Principal Securities Inc. now owns 1,227 shares of the company’s stock valued at $549,000 after purchasing an additional 386 shares during the period. Everhart Financial Group Inc. raised its position in Spotify Technology by 2.8% in the fourth quarter. Everhart Financial Group Inc. now owns 3,255 shares of the company’s stock valued at $1,456,000 after purchasing an additional 90 shares during the period. Finally, WealthPlan Investment Management LLC acquired a new position in shares of Spotify Technology in the 4th quarter valued at $217,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

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.