Spotify Technology (NYSE:SPOT) Price Target Raised to $450.00

Spotify Technology (NYSE:SPOT) had its price objective hoisted by Piper Sandler from $330.00 to $450.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Other equities analysts have also recently issued research reports about the company. TD Cowen boosted their price target on Spotify Technology from $273.00 to $356.00 and gave the company a “hold” rating in a research report on Wednesday, July 24th. Benchmark upped their price target on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. KeyCorp lifted their price objective on shares of Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a research report on Wednesday. Rosenblatt Securities upped their price objective on shares of Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Finally, Barclays lifted their target price on shares of Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $421.69.

Spotify Technology Stock Down 4.0 %

NYSE:SPOT opened at $458.32 on Wednesday. The company has a market capitalization of $91.23 billion, a PE ratio of 124.54 and a beta of 1.56. Spotify Technology has a 52-week low of $170.62 and a 52-week high of $489.69. The stock’s 50 day moving average price is $378.15 and its 200 day moving average price is $338.24.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The business had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The business’s revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.36 earnings per share. As a group, sell-side analysts anticipate that Spotify Technology will post 6.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Several institutional investors and hedge funds have recently modified their holdings of SPOT. Transcendent Capital Group LLC purchased a new position in shares of Spotify Technology during the 2nd quarter worth $25,000. Prestige Wealth Management Group LLC purchased a new position in Spotify Technology during the third quarter worth about $26,000. Benjamin Edwards Inc. boosted its stake in Spotify Technology by 214.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after buying an additional 58 shares during the last quarter. Mather Group LLC. grew its holdings in Spotify Technology by 9,900.0% in the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after buying an additional 99 shares during the period. Finally, Asset Dedication LLC acquired a new position in shares of Spotify Technology during the 2nd quarter valued at about $35,000. Hedge funds and other 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.