Spotify Technology (NYSE:SPOT) Price Target Raised to $710.00

Spotify Technology (NYSE:SPOT) had its target price upped by research analysts at Barclays from $475.00 to $710.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price target would indicate a potential upside of 14.02% from the stock’s previous close.

Other equities analysts have also recently issued reports about the stock. Cantor Fitzgerald reissued 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. Piper Sandler increased their price target on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Phillip Securities reissued an “accumulate” rating and set a $485.00 target price (up from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. Benchmark reissued a “buy” rating and set a $520.00 target price on shares of Spotify Technology in a report on Thursday, January 16th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. One equities 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. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $489.25.

Spotify Technology Trading Up 13.4 %

Shares of SPOT stock opened at $622.69 on Wednesday. Spotify Technology has a 12 month low of $219.36 and a 12 month high of $623.40. The stock has a 50 day moving average of $485.02 and a two-hundred day moving average of $409.38. The company has a market capitalization of $123.95 billion, a P/E ratio of 169.21 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 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 business had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter last year, the company earned $0.36 earnings per share. The firm’s revenue was up 18.8% on a year-over-year basis. Sell-side analysts predict that Spotify Technology will post 5.91 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. First Horizon Advisors Inc. grew its stake in shares of Spotify Technology by 5.8% in the third quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock worth $176,000 after purchasing an additional 26 shares during the last quarter. West Bancorporation Inc. raised its holdings in shares of Spotify Technology by 3.4% during the third quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock valued at $305,000 after acquiring an additional 27 shares in the last quarter. Joel Isaacson & Co. LLC raised its holdings in shares of Spotify Technology by 1.9% during the fourth quarter. Joel Isaacson & Co. LLC now owns 1,559 shares of the company’s stock valued at $697,000 after acquiring an additional 29 shares in the last quarter. Avior Wealth Management LLC lifted its stake in Spotify Technology by 12.0% in the third quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock worth $104,000 after acquiring an additional 30 shares during the period. Finally, Park National Corp OH boosted its holdings in Spotify Technology by 4.1% in the fourth quarter. Park National Corp OH now owns 793 shares of the company’s stock valued at $355,000 after acquiring an additional 31 shares in 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.