Brokerages Set Spotify Technology S.A. (NYSE:SPOT) Price Target at $429.96

Shares of Spotify Technology S.A. (NYSE:SPOT) have earned a consensus rating of “Moderate Buy” from the twenty-eight analysts that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and twenty-two have issued a buy recommendation on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $429.96.

A number of equities research analysts have recently commented on SPOT shares. Piper Sandler lifted their price target on shares of Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Benchmark lifted their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. Cantor Fitzgerald reissued a “neutral” rating and set a $340.00 price target on shares of Spotify Technology in a research note on Monday, October 7th. KeyCorp lifted their price objective on Spotify Technology from $490.00 to $520.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Finally, Canaccord Genuity Group upped their target price on Spotify Technology from $525.00 to $560.00 and gave the company a “buy” rating in a research note on Monday, December 2nd.

Institutional Investors Weigh In On Spotify Technology

A number of large investors have recently added to or reduced their stakes in SPOT. 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 last quarter. International Assets Investment Management LLC boosted its stake in shares of Spotify Technology by 36,910.0% during the 3rd quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock valued at $128,073,000 after buying an additional 346,585 shares during the last quarter. Sei Investments Co. grew its position in shares of Spotify Technology by 106.8% during the second quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock worth $202,828,000 after buying an additional 333,782 shares in the last quarter. FMR LLC increased its stake in shares of Spotify Technology by 23.4% in the third 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. Finally, Janus Henderson Group PLC raised its holdings in Spotify Technology by 3,948.3% in the third quarter. Janus Henderson Group PLC now owns 264,233 shares of the company’s stock valued at $97,329,000 after acquiring an additional 257,706 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

SPOT stock opened at $456.48 on Thursday. The stock’s 50 day moving average price is $444.57 and its 200 day moving average price is $373.84. The firm has a market cap of $90.86 billion, a P/E ratio of 124.04 and a beta of 1.61. Spotify Technology has a 1 year low of $185.37 and a 1 year high of $506.47.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). The company had revenue of $3.99 billion during the quarter, compared to analysts’ expectations 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 was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.36 earnings per share. On average, research analysts predict that Spotify Technology will post 6.02 earnings per share for the current year.

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.