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

Spotify Technology (NYSE:SPOT) had its price objective upped by TD Cowen from $356.00 to $416.00 in a research report released on Wednesday,Benzinga reports. TD Cowen currently has a hold rating on the stock.

Several other equities analysts have also recently weighed in on SPOT. Barclays lifted their price objective on Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a report on Wednesday. Benchmark upped their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Monday, November 11th. Phillip Securities reissued an “accumulate” rating and set a $485.00 price objective (up previously from $420.00) on shares of Spotify Technology in a research report on Wednesday. Guggenheim boosted their price objective on shares of Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Finally, Evercore ISI increased their target price on Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $458.32 on Wednesday. The company has a 50 day moving average price of $378.15 and a two-hundred day moving average price of $338.24. The company has a market capitalization of $91.23 billion, a PE ratio of 124.54 and a beta of 1.56. Spotify Technology has a 52 week low of $170.62 and a 52 week high of $489.69.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The firm had revenue of $3.99 billion during 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%. Spotify Technology’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.36 EPS. On average, sell-side analysts forecast that Spotify Technology will post 6.09 earnings per share for the current year.

Institutional Investors Weigh In On Spotify Technology

A number of institutional investors have recently modified their holdings of SPOT. Oppenheimer & Co. Inc. bought a new stake in Spotify Technology in the 1st quarter valued at about $342,000. Avantax Advisory Services Inc. acquired a new stake in Spotify Technology in the first quarter valued at approximately $218,000. Bleakley Financial Group LLC boosted its position in Spotify Technology by 11.4% in the first quarter. Bleakley Financial Group LLC now owns 1,727 shares of the company’s stock valued at $456,000 after buying an additional 177 shares in the last quarter. Entropy Technologies LP bought a new stake in shares of Spotify Technology during the first quarter worth $1,127,000. Finally, Vanguard Group Inc. increased its holdings in shares of Spotify Technology by 4.0% during the first quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock worth $161,645,000 after buying an additional 23,675 shares in the last quarter. 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.