Spotify Technology (NYSE:SPOT) Stock Price Expected to Rise, Benchmark Analyst Says

Spotify Technology (NYSE:SPOT) had its target price lifted by stock analysts at Benchmark from $600.00 to $720.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s price objective would indicate a potential upside of 15.32% from the stock’s current price.

A number of other equities analysts have also commented on SPOT. Piper Sandler raised their price objective on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Phillip Securities restated an “accumulate” rating and issued a $485.00 price target (up previously from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. UBS Group increased their price objective on shares of Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. Cantor Fitzgerald restated a “neutral” rating and issued a $480.00 target price (down from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. Finally, TD Cowen increased their price target on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. 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 company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $509.61.

Spotify Technology Trading Up 0.4 %

SPOT stock traded up $2.60 during trading hours on Wednesday, hitting $624.37. 1,764,330 shares of the stock were exchanged, compared to its average volume of 2,005,244. The company has a 50-day simple moving average of $485.02 and a two-hundred day simple moving average of $409.38. The firm has a market capitalization of $124.28 billion, a P/E ratio of 169.31 and a beta of 1.63. Spotify Technology has a 12 month low of $227.52 and a 12 month high of $630.77.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) 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 business had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same period in the prior year, the firm earned $0.36 EPS. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. On average, equities research analysts predict that Spotify Technology will post 5.91 earnings per share for the current year.

Institutional Trading of Spotify Technology

Institutional investors and hedge funds have recently bought and sold shares of the company. Prestige Wealth Management Group LLC purchased a new stake in Spotify Technology in the third quarter valued at approximately $26,000. Hobbs Group Advisors LLC bought a new stake in shares of Spotify Technology during the 3rd quarter worth $33,000. Larson Financial Group LLC grew its position in Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after acquiring an additional 33 shares in the last quarter. V Square Quantitative Management LLC bought a new position in Spotify Technology in the third quarter valued at $40,000. Finally, Rakuten Securities Inc. boosted its holdings in shares of Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after purchasing an additional 32 shares in the last quarter. 84.09% of the stock is currently 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.