Spotify Technology (NYSE:SPOT) Price Target Raised to $550.00

Spotify Technology (NYSE:SPOT) had its price objective lifted by The Goldman Sachs Group from $490.00 to $550.00 in a report published on Wednesday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

A number of other equities research analysts have also weighed in on SPOT. Wells Fargo & Company lifted their target price on shares of Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. increased their target price on Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Macquarie upped their price target on Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Piper Sandler boosted their target price on shares of Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Finally, Bank of America boosted their price objective on shares of Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $433.36.

Spotify Technology Stock Down 4.2 %

Spotify Technology stock opened at $459.82 on Wednesday. The company has a market capitalization of $91.53 billion, a PE ratio of 124.95 and a beta of 1.62. The firm has a fifty day simple moving average of $460.14 and a two-hundred day simple moving average of $383.82. Spotify Technology has a twelve month low of $191.88 and a twelve month high of $506.47.

Spotify Technology (NYSE:SPOT) last issued its 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). The firm had revenue of $3.99 billion during 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 quarterly 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, equities analysts expect that Spotify Technology will post 6.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors have recently modified their holdings of the business. WCM Investment Management LLC increased its position 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 lifted its stake in shares of Spotify Technology by 3.0% during the third 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 grew its position in shares of Spotify Technology by 1.5% in the third quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after purchasing an additional 28,864 shares during the period. FMR LLC lifted its holdings in shares of Spotify Technology by 23.4% during the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after acquiring an additional 297,035 shares during the period. Finally, Two Sigma Advisers LP increased its holdings in shares of Spotify Technology by 19.0% during the 3rd quarter. Two Sigma Advisers LP now owns 980,000 shares of the company’s stock worth $361,159,000 after buying an additional 156,300 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

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.