Spotify Technology (NYSE:SPOT) Given New $730.00 Price Target at JPMorgan Chase & Co.

Spotify Technology (NYSE:SPOT) had its target price increased by JPMorgan Chase & Co. from $555.00 to $730.00 in a research note published on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

SPOT has been the topic of several other research reports. Morgan Stanley raised their price target on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a report on Wednesday. The Goldman Sachs Group boosted their price target on shares of Spotify Technology from $490.00 to $550.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Canaccord Genuity Group increased their price objective on shares of Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a report on Wednesday. Phillip Securities reiterated an “accumulate” rating and issued a $485.00 price objective (up from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. Finally, 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 research report 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 given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $509.61.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $625.04 on Wednesday. The company’s fifty day moving average is $485.02 and its two-hundred day moving average is $409.38. Spotify Technology has a 1-year low of $227.52 and a 1-year high of $630.77. The stock has a market capitalization of $124.41 billion, a price-to-earnings ratio of 169.85 and a beta of 1.63.

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 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 for the quarter, compared to analyst estimates of $4.03 billion. During the same quarter last year, the company earned $0.36 EPS. Spotify Technology’s revenue was up 18.8% compared to the same quarter last year. Sell-side analysts expect that Spotify Technology will post 5.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Institutional investors and hedge funds have recently modified their holdings of the stock. SRS Capital Advisors Inc. raised its position in shares of Spotify Technology by 4.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 573 shares of the company’s stock worth $256,000 after purchasing an additional 25 shares during the period. First Horizon Advisors Inc. increased its stake in Spotify Technology by 5.8% in the 3rd quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock worth $176,000 after purchasing an additional 26 shares in the last quarter. West Bancorporation Inc. increased its stake in Spotify Technology by 3.4% in the 3rd quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock worth $305,000 after purchasing an additional 27 shares in the last quarter. Joel Isaacson & Co. LLC raised its holdings in Spotify Technology by 1.9% during the 4th quarter. Joel Isaacson & Co. LLC now owns 1,559 shares of the company’s stock worth $697,000 after buying an additional 29 shares during the period. Finally, Avior Wealth Management LLC lifted its stake in Spotify Technology by 12.0% during the third quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock valued at $104,000 after buying an additional 30 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

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.