Citigroup Issues Positive Forecast for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its price target boosted by analysts at Citigroup from $540.00 to $720.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price target suggests a potential upside of 14.03% from the company’s current price.

Several other research firms also recently issued reports on SPOT. TD Cowen boosted their price objective on Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. Guggenheim boosted their price objective on Spotify Technology from $520.00 to $675.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. JPMorgan Chase & Co. boosted their price objective on Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Morgan Stanley boosted their price objective on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Finally, Deutsche Bank Aktiengesellschaft boosted 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. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $529.43.

Spotify Technology Stock Down 2.6 %

Spotify Technology stock traded down $16.91 during midday trading on Friday, hitting $631.41. The company’s stock had a trading volume of 993,615 shares, compared to its average volume of 2,047,639. The stock’s 50-day moving average price is $505.57 and its 200-day moving average price is $423.21. Spotify Technology has a 12 month low of $239.66 and a 12 month high of $652.63. The company has a market capitalization of $125.68 billion, a PE ratio of 106.08 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last issued 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). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The business had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter last year, the firm posted $0.36 earnings per share. Spotify Technology’s revenue was up 18.8% compared to the same quarter last year. As a group, equities analysts anticipate that Spotify Technology will post 9.69 EPS for the current year.

Institutional Investors Weigh In On Spotify Technology

Large investors have recently added to or reduced their stakes in the stock. Beck Capital Management LLC lifted its holdings in shares of Spotify Technology by 0.8% during the fourth quarter. Beck Capital Management LLC now owns 11,161 shares of the company’s stock worth $4,993,000 after buying an additional 84 shares during the last quarter. Symmetry Investments LP raised its stake in shares of Spotify Technology by 386.4% in the fourth quarter. Symmetry Investments LP now owns 10,700 shares of the company’s stock valued at $4,787,000 after purchasing an additional 8,500 shares in the last quarter. MGO One Seven LLC raised its stake in shares of Spotify Technology by 7.3% in the fourth quarter. MGO One Seven LLC now owns 843 shares of the company’s stock valued at $377,000 after purchasing an additional 57 shares in the last quarter. Dark Forest Capital Management LP acquired a new position in Spotify Technology during the fourth quarter worth $310,000. Finally, Hsbc Holdings PLC raised its stake in Spotify Technology by 182.5% during the fourth quarter. Hsbc Holdings PLC now owns 72,280 shares of the company’s stock worth $32,508,000 after acquiring an additional 46,692 shares in the last quarter. Institutional investors 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.