Spotify Technology (NYSE:SPOT) Given New $500.00 Price Target at Macquarie

Spotify Technology (NYSE:SPOT) had its target price upped by Macquarie from $395.00 to $500.00 in a research note released on Wednesday morning,Benzinga reports. Macquarie currently has an outperform rating on the stock.

SPOT has been the topic of several other reports. TD Cowen increased their price target on shares of Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a report on Wednesday. JPMorgan Chase & Co. increased their target price on Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a research note on Wednesday. KeyCorp boosted their price target on Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a research note on Wednesday. Barclays increased their price objective on Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Pivotal Research boosted their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the company. According to MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Trading Down 4.0 %

NYSE:SPOT opened at $458.32 on Wednesday. The stock has a market capitalization of $91.23 billion, a PE ratio of 124.54 and a beta of 1.56. Spotify Technology has a 1-year low of $170.62 and a 1-year high of $489.69. The firm has a fifty day simple moving average of $378.15 and a 200 day simple moving average of $338.24.

Spotify Technology (NYSE:SPOT) last announced 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). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same period last year, the business earned $0.36 EPS. The business’s revenue was up 18.8% on a year-over-year basis. On average, equities analysts predict that Spotify Technology will post 6.09 earnings per share for the current fiscal year.

Institutional Trading of Spotify Technology

A number of institutional investors and hedge funds have recently bought and sold shares of SPOT. GQG Partners LLC bought a new position in shares of Spotify Technology during the first quarter worth about $610,040,000. Swedbank AB acquired a new position in shares of Spotify Technology in the 1st quarter worth approximately $198,663,000. WCM Investment Management LLC boosted its stake in shares of Spotify Technology by 18.5% in the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after purchasing an additional 605,755 shares during the last quarter. International Assets Investment Management LLC increased its position in shares of Spotify Technology by 36,910.0% during the third quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock worth $128,073,000 after buying an additional 346,585 shares during the period. Finally, Sei Investments Co. raised its stake in Spotify Technology by 106.8% during the second quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock worth $202,828,000 after buying an additional 333,782 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.