Spotify Technology (NYSE:SPOT) Price Target Raised to $720.00 at Benchmark

Spotify Technology (NYSE:SPOT) had its target price boosted by research analysts at Benchmark from $600.00 to $720.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s price objective indicates a potential upside of 15.08% from the company’s current price.

A number of other brokerages also recently issued reports on SPOT. TD Cowen lifted their price target on shares of Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. Canaccord Genuity Group boosted their price target on shares of Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research report on Wednesday. Piper Sandler increased their price objective on shares of Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Morgan Stanley lifted their price objective on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, The Goldman Sachs Group upped their target price on shares of Spotify Technology from $490.00 to $550.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $514.79.

Spotify Technology Stock Down 0.1 %

Shares of SPOT opened at $625.67 on Wednesday. The business has a 50-day simple moving average of $488.02 and a two-hundred day simple moving average of $410.89. Spotify Technology has a 52 week low of $227.52 and a 52 week high of $630.77. The stock has a market cap of $124.54 billion, a price-to-earnings ratio of 170.02 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results 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 return on equity of 19.07% and a net margin of 4.66%. The firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter in the previous year, the company earned $0.36 earnings per share. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. On average, equities analysts anticipate that Spotify Technology will post 5.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Several institutional investors have recently made changes to their positions in SPOT. Aigen Investment Management LP raised its stake in Spotify Technology by 42.4% in the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock worth $3,612,000 after buying an additional 2,918 shares in the last quarter. Jennison Associates LLC purchased a new position in shares of Spotify Technology in the 4th quarter worth approximately $1,335,575,000. Patriot Financial Group Insurance Agency LLC purchased a new stake in Spotify Technology during the fourth quarter valued at approximately $214,000. Pathway Capital Management LP boosted its stake in Spotify Technology by 23.8% in the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock valued at $21,132,000 after acquiring an additional 11,042 shares in the last quarter. Finally, Perpetual Ltd grew its holdings in Spotify Technology by 24.3% in the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after purchasing an additional 148,431 shares during the last quarter. 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.