Barclays Issues Positive Forecast for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its target price increased by equities researchers at Barclays from $475.00 to $710.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price target suggests a potential upside of 14.02% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. Bank of America raised their target price on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. raised their price objective on Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Piper Sandler boosted their target price on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. KeyCorp raised their price target on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $658.00 price target (up previously from $473.00) on shares of Spotify Technology in a research note on Wednesday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $489.25.

Spotify Technology Stock Up 13.4 %

NYSE SPOT opened at $622.69 on Wednesday. The firm has a market capitalization of $123.95 billion, a PE ratio of 169.21 and a beta of 1.63. The stock’s 50 day moving average is $485.02 and its 200 day moving average is $409.38. Spotify Technology has a twelve month low of $219.36 and a twelve month high of $623.40.

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

Hedge Funds Weigh In On Spotify Technology

Several large investors have recently added to or reduced their stakes in the company. Prestige Wealth Management Group LLC purchased a new position in Spotify Technology during the third quarter valued at $26,000. Hobbs Group Advisors LLC purchased a new stake in Spotify Technology in the 3rd quarter worth $33,000. Larson Financial Group LLC boosted its holdings in shares of Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares during the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Spotify Technology during the third quarter valued at about $40,000. Finally, Rakuten Securities Inc. increased its holdings in shares of Spotify Technology by 40.5% in the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after purchasing an additional 32 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

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.