Spotify Technology (NYSE:SPOT) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Spotify Technology (NYSE:SPOT) had its price target raised by analysts at Canaccord Genuity Group from $525.00 to $560.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 13.52% from the company’s previous close.

Other analysts have also issued research reports about the stock. KeyCorp lifted their target price on shares of Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $340.00 price objective on shares of Spotify Technology in a report on Monday, October 7th. JPMorgan Chase & Co. boosted their price objective on Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. TD Cowen raised their target price on Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a research report on Wednesday, November 13th. Finally, Morgan Stanley lifted their price target on Spotify Technology from $430.00 to $460.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. One equities research 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 company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $422.90.

Spotify Technology Trading Up 2.7 %

Shares of NYSE:SPOT opened at $493.32 on Monday. Spotify Technology has a 12-month low of $185.37 and a 12-month high of $494.00. The business has a 50 day moving average of $408.78 and a two-hundred day moving average of $353.61. The company has a market capitalization of $98.20 billion, a PE ratio of 134.05 and a beta of 1.61.

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 analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The firm had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the previous year, the firm posted $0.36 EPS. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. Equities research analysts predict that Spotify Technology will post 6.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. WCM Investment Management LLC increased 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 purchasing an additional 605,755 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in shares of Spotify Technology by 3.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock valued at $1,286,969,000 after buying an additional 102,786 shares during the period. State Street Corp increased its stake in shares of Spotify Technology by 1.5% during the third quarter. State Street Corp now owns 1,997,323 shares of the company’s stock worth $736,073,000 after buying an additional 28,864 shares during the period. FMR LLC raised its holdings in Spotify Technology by 23.4% in the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after acquiring an additional 297,035 shares in the last quarter. Finally, Two Sigma Advisers LP lifted its stake in Spotify Technology by 19.0% in the third quarter. Two Sigma Advisers LP now owns 980,000 shares of the company’s stock worth $361,159,000 after acquiring an additional 156,300 shares during 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.