Spotify Technology (NYSE:SPOT) Given New $540.00 Price Target at UBS Group

Spotify Technology (NYSE:SPOT) had its target price hoisted by UBS Group from $485.00 to $540.00 in a report released on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities research analysts have also commented on SPOT. Canaccord Genuity Group upped their price objective on Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Piper Sandler upped their price objective on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Wells Fargo & Company upped their price objective on Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. TD Cowen upped their price objective on Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. Finally, Barclays upped 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, November 13th. 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’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $438.36.

Spotify Technology Trading Up 5.6 %

Shares of NYSE:SPOT opened at $489.56 on Wednesday. Spotify Technology has a twelve month low of $191.88 and a twelve month high of $506.47. The company’s 50 day moving average is $463.33 and its 200 day moving average is $386.77. The company has a market cap of $97.45 billion, a PE ratio of 133.03 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share 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 business had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same quarter last year, the company posted $0.36 EPS. Spotify Technology’s quarterly revenue was up 18.8% compared to the same quarter last year. Equities research analysts predict that Spotify Technology will post 5.96 earnings per share for the current fiscal year.

Institutional Trading of Spotify Technology

A number of hedge funds and other institutional investors have recently modified their holdings of SPOT. Prestige Wealth Management Group LLC acquired a new stake in shares of Spotify Technology in the 3rd quarter worth $26,000. Benjamin Edwards Inc. increased 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 worth $27,000 after purchasing an additional 58 shares during the last quarter. Hobbs Group Advisors LLC acquired a new stake in shares of Spotify Technology during the 3rd quarter worth about $33,000. Larson Financial Group LLC increased its position in shares of Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares during the last quarter. Finally, V Square Quantitative Management LLC acquired a new stake in shares of Spotify Technology during the 3rd quarter worth about $40,000. 84.09% of the stock is 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.