Spotify Technology (NYSE:SPOT) Earns “Buy” Rating from Benchmark

Spotify Technology (NYSE:SPOT)‘s stock had its “buy” rating restated by stock analysts at Benchmark in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $520.00 price objective on the stock. Benchmark’s price objective points to a potential upside of 6.98% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Wells Fargo & Company boosted their target price on shares of Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Piper Sandler boosted their price objective on shares of Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. TD Cowen increased their target price 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. Bank of America lifted their price target on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, Pivotal Research increased their price target on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $441.21.

Spotify Technology Stock Performance

NYSE SPOT opened at $486.07 on Thursday. The stock has a market cap of $96.75 billion, a PE ratio of 132.08 and a beta of 1.62. The firm has a 50-day moving average of $467.11 and a 200-day moving average of $388.20. Spotify Technology has a 52-week low of $200.81 and a 52-week high of $506.47.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The company had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same quarter last year, the business earned $0.36 earnings per share. The company’s revenue was up 18.8% on a year-over-year basis. As a group, analysts predict that Spotify Technology will post 5.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

A number of large investors have recently modified their holdings of SPOT. Prestige Wealth Management Group LLC bought a new stake in Spotify Technology during the 3rd quarter worth approximately $26,000. Benjamin Edwards Inc. grew its position in shares of Spotify Technology by 214.8% during the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Hobbs Group Advisors LLC bought a new position in shares of Spotify Technology in the third quarter worth $33,000. Larson Financial Group LLC raised its position in shares of 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 buying an additional 33 shares in the last quarter. Finally, V Square Quantitative Management LLC purchased a new stake in shares of Spotify Technology in the third quarter worth $40,000. 84.09% of the stock is currently owned by institutional investors.

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.