Spotify Technology (NYSE:SPOT) Price Target Raised to $475.00 at Barclays

Spotify Technology (NYSE:SPOT) had its price target lifted by Barclays from $385.00 to $475.00 in a research report report published on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other equities analysts have also issued reports on SPOT. Macquarie raised their target price on Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Deutsche Bank Aktiengesellschaft increased their price objective on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and upped their target price for the company from $320.00 to $425.00 in a research report on Wednesday, July 24th. Pivotal Research increased 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. Finally, Guggenheim lifted their price objective on shares of Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $458.32 on Wednesday. Spotify Technology has a fifty-two week low of $170.62 and a fifty-two week high of $489.69. The firm has a market capitalization of $91.23 billion, a price-to-earnings ratio of 124.54 and a beta of 1.56. The stock’s 50-day simple moving average is $378.15 and its 200-day simple moving average is $338.24.

Spotify Technology (NYSE:SPOT) last released its 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). The company had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.36 EPS. As a group, equities analysts forecast that Spotify Technology will post 6.09 earnings per share for the current year.

Institutional Trading of Spotify Technology

Large investors have recently modified their holdings of the stock. GQG Partners LLC acquired a new stake in Spotify Technology in the 1st quarter valued at about $610,040,000. Swedbank AB purchased a new position in Spotify Technology in the first quarter worth approximately $198,663,000. WCM Investment Management LLC grew its holdings 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 worth $1,430,142,000 after acquiring an additional 605,755 shares in the last quarter. International Assets Investment Management LLC increased its position in shares of Spotify Technology by 36,910.0% in the 3rd quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock valued at $128,073,000 after purchasing an additional 346,585 shares during the last quarter. Finally, Sei Investments Co. raised its holdings in shares of Spotify Technology by 106.8% in the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock valued at $202,828,000 after purchasing an additional 333,782 shares in the last quarter. Hedge funds and other 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.