Analysts Set Spotify Technology S.A. (NYSE:SPOT) Price Target at $429.96

Spotify Technology S.A. (NYSE:SPOT) has been assigned an average rating of “Moderate Buy” from the twenty-eight analysts that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have assigned a buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $429.96.

A number of brokerages recently issued reports on SPOT. Deutsche Bank Aktiengesellschaft increased their price objective on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Barclays raised their price objective on shares of Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Piper Sandler upped their target price on shares of Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Benchmark raised 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. Finally, Pivotal Research upped their price target on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th.

Institutional Trading of Spotify Technology

Several hedge funds and other institutional investors have recently bought and sold shares of SPOT. Bank of New York Mellon Corp raised its stake in shares of Spotify Technology by 6.0% during the second quarter. Bank of New York Mellon Corp now owns 335,248 shares of the company’s stock valued at $105,198,000 after acquiring an additional 18,948 shares during the last quarter. HB Wealth Management LLC lifted its holdings in Spotify Technology by 8.9% in the 2nd quarter. HB Wealth Management LLC now owns 1,033 shares of the company’s stock worth $324,000 after buying an additional 84 shares during the period. Financial Advocates Investment Management bought a new stake in shares of Spotify Technology in the 2nd quarter worth approximately $335,000. Ameritas Advisory Services LLC purchased a new position in shares of Spotify Technology during the second quarter valued at approximately $305,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Spotify Technology by 33.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,624 shares of the company’s stock valued at $510,000 after acquiring an additional 407 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 1.0 %

SPOT opened at $451.79 on Thursday. The firm has a 50-day moving average price of $445.97 and a 200-day moving average price of $375.28. Spotify Technology has a twelve month low of $185.37 and a twelve month high of $506.47. The company has a market capitalization of $89.93 billion, a price-to-earnings ratio of 122.77 and a beta of 1.61.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The business had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.36 earnings per share. On average, sell-side analysts expect that Spotify Technology will post 6.02 earnings per share for the current fiscal year.

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.