Spotify Technology (NYSE:SPOT) Price Target Raised to $730.00

Spotify Technology (NYSE:SPOT) had its target price increased by JPMorgan Chase & Co. from $555.00 to $730.00 in a research report report published on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other equities analysts have also recently weighed in on the company. Wolfe Research reaffirmed a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. Deutsche Bank Aktiengesellschaft increased their price target on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Phillip Securities reaffirmed an “accumulate” rating and issued a $485.00 price target (up previously from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. Rosenblatt Securities reiterated a “neutral” rating and issued a $658.00 price objective (up from $473.00) on shares of Spotify Technology in a research report on Wednesday. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $480.00 price target (down from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. One analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $514.79.

Spotify Technology Stock Down 0.4 %

Shares of SPOT opened at $623.54 on Wednesday. Spotify Technology has a 52 week low of $228.07 and a 52 week high of $632.45. The company has a market capitalization of $124.12 billion, a price-to-earnings ratio of 169.44 and a beta of 1.63. The stock’s 50-day moving average price is $491.03 and its 200-day moving average price is $412.38.

Spotify Technology (NYSE:SPOT) last issued 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). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The company had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter in the previous year, the company earned $0.36 EPS. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. As a group, equities analysts anticipate that Spotify Technology will post 5.91 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Hedge funds and other institutional investors have recently made changes to their positions in the company. Prestige Wealth Management Group LLC acquired a new stake in shares of Spotify Technology during the third quarter worth about $26,000. Hobbs Group Advisors LLC acquired a new stake in shares of Spotify Technology during the third quarter worth about $33,000. Larson Financial Group LLC increased its position in shares of Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares in the last quarter. Quent Capital LLC grew its holdings in shares of Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after buying an additional 57 shares during the last quarter. Finally, V Square Quantitative Management LLC purchased a new position in shares of Spotify Technology during the third quarter worth about $40,000. 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.