JPMorgan Chase & Co. Issues Positive Forecast for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its target price hoisted by investment analysts at JPMorgan Chase & Co. from $555.00 to $730.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 17.32% from the stock’s previous close.

SPOT has been the subject of several other research reports. Guggenheim boosted their price target on shares of Spotify Technology from $520.00 to $675.00 and gave the stock a “buy” rating in a report on Wednesday. Wells Fargo & Company upped their target price on shares of Spotify Technology from $520.00 to $690.00 and gave the company an “overweight” rating in a research report on Wednesday. Barclays boosted their price target on shares of Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a research note on Wednesday. The Goldman Sachs Group upped their target price on shares of Spotify Technology from $490.00 to $550.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Finally, Phillip Securities reiterated an “accumulate” rating and issued a $485.00 price target (up from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $502.46.

Spotify Technology Trading Up 0.1 %

Shares of NYSE:SPOT traded up $0.47 during midday trading on Wednesday, reaching $622.24. 1,735,542 shares of the company were exchanged, compared to its average volume of 2,005,244. Spotify Technology has a one year low of $227.52 and a one year high of $630.77. The business’s fifty day moving average is $485.02 and its two-hundred day moving average is $409.38. The stock has a market cap of $123.86 billion, a PE ratio of 168.87 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). The company had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The company’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.36 EPS. As a group, sell-side analysts expect that Spotify Technology will post 5.91 EPS for the current year.

Institutional Trading of Spotify Technology

A number of large investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company boosted its position in shares of Spotify Technology by 5.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,892 shares of the company’s stock worth $594,000 after purchasing an additional 94 shares in the last quarter. Sanctuary Advisors LLC bought a new position in shares of Spotify Technology during the 2nd quarter worth about $2,074,000. GAMMA Investing LLC boosted its position in shares of Spotify Technology by 35.9% during the 3rd quarter. GAMMA Investing LLC now owns 677 shares of the company’s stock worth $249,000 after purchasing an additional 179 shares in the last quarter. Miracle Mile Advisors LLC bought a new position in shares of Spotify Technology during the 3rd quarter worth about $242,000. Finally, Axiom Advisory LLC boosted its position in shares of Spotify Technology by 1.6% during the 3rd quarter. Axiom Advisory LLC now owns 3,840 shares of the company’s stock worth $1,415,000 after purchasing an additional 60 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.