Spotify Technology (NYSE:SPOT) Given New $720.00 Price Target at Benchmark

Spotify Technology (NYSE:SPOT) had its price target increased by equities research analysts at Benchmark from $600.00 to $720.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s price objective would indicate a potential upside of 15.32% from the company’s previous close.

SPOT has been the subject of a number of other reports. KeyCorp lifted their target price on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Cantor Fitzgerald restated a “neutral” rating and issued a $480.00 price objective (down from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. Barclays lifted their price objective on Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a research report on Wednesday. TD Cowen upped their target price 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. Finally, JPMorgan Chase & Co. lifted their price target on shares of Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $509.61.

Spotify Technology Trading Up 0.4 %

SPOT traded up $2.60 on Wednesday, hitting $624.37. The company had a trading volume of 1,764,330 shares, compared to its average volume of 2,005,244. The company’s fifty day moving average price is $485.02 and its 200 day moving average price is $409.38. Spotify Technology has a 1 year low of $227.52 and a 1 year high of $630.77. The firm has a market cap of $124.28 billion, a P/E ratio of 169.31 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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%. Spotify Technology’s revenue was up 18.8% on a year-over-year basis. During the same period last year, the firm posted $0.36 earnings per share. On average, analysts predict that Spotify Technology will post 5.91 earnings per share for the current year.

Hedge Funds Weigh In On Spotify Technology

Several institutional investors and hedge funds have recently made changes to their positions in SPOT. The Manufacturers Life Insurance Company boosted its holdings in shares of Spotify Technology by 5.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,892 shares of the company’s stock valued at $594,000 after buying an additional 94 shares during the period. Sanctuary Advisors LLC bought a new position in Spotify Technology in the 2nd quarter worth $2,074,000. GAMMA Investing LLC increased its holdings in shares of Spotify Technology by 35.9% during the 3rd quarter. GAMMA Investing LLC now owns 677 shares of the company’s stock worth $249,000 after purchasing an additional 179 shares during the period. Miracle Mile Advisors LLC acquired a new position in shares of Spotify Technology in the 3rd quarter valued at $242,000. Finally, Axiom Advisory LLC boosted its holdings in Spotify Technology by 1.6% during the third quarter. Axiom Advisory LLC now owns 3,840 shares of the company’s stock valued at $1,415,000 after purchasing an additional 60 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

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.