Spotify Technology (NYSE:SPOT) Price Target Raised to $670.00 at Morgan Stanley

Spotify Technology (NYSE:SPOT) had its price target boosted by analysts at Morgan Stanley from $550.00 to $670.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s target price would indicate a potential upside of 7.60% from the company’s current price.

Other analysts have also recently issued research reports about the company. Pivotal Research raised their price target on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. raised their price target on Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Wolfe Research reiterated a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. Guggenheim increased their price objective on Spotify Technology from $520.00 to $675.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Bank of America boosted their target price on Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $480.86.

Spotify Technology Trading Up 13.4 %

Shares of Spotify Technology stock opened at $622.69 on Wednesday. The company’s 50-day moving average price is $485.02 and its 200-day moving average price is $409.38. Spotify Technology has a 12-month low of $219.36 and a 12-month high of $623.40. The company has a market cap of $123.95 billion, a price-to-earnings ratio of 169.21 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last announced 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 firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.36 earnings per share. On average, sell-side analysts predict that Spotify Technology will post 5.91 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SPOT. WCM Investment Management LLC lifted its position in Spotify Technology by 18.5% during 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 acquiring an additional 605,755 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Spotify Technology by 3.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock valued at $1,286,969,000 after purchasing an additional 102,786 shares in the last quarter. Jennison Associates LLC purchased a new position in shares of Spotify Technology during the fourth quarter valued at approximately $1,335,575,000. State Street Corp boosted its position in shares of Spotify Technology by 1.5% in the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company’s stock worth $736,073,000 after purchasing an additional 28,864 shares in the last quarter. Finally, FMR LLC grew its stake in shares of Spotify Technology by 23.4% in the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after buying an additional 297,035 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

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.