Spotify Technology (NYSE:SPOT) Stock Price Expected to Rise, Macquarie Analyst Says

Spotify Technology (NYSE:SPOT) had its target price lifted by Macquarie from $500.00 to $600.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Macquarie’s price objective indicates a potential upside of 9.00% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. Pivotal Research lifted their price objective on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Bank of America boosted their price objective on Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Wolfe Research reaffirmed a “peer perform” rating on shares of Spotify Technology in a research note on Friday, January 17th. Rosenblatt Securities lifted their target price on Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Finally, Wells Fargo & Company increased their price target on Spotify Technology from $470.00 to $520.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price of $449.79.

Spotify Technology Trading Up 2.2 %

SPOT traded up $11.62 on Thursday, hitting $550.45. 2,043,811 shares of the company’s stock traded hands, compared to its average volume of 1,771,328. The company’s 50 day simple moving average is $477.67 and its 200-day simple moving average is $400.99. Spotify Technology has a one year low of $213.31 and a one year high of $558.31. The firm has a market cap of $109.57 billion, a price-to-earnings ratio of 149.58 and a beta of 1.62.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter in the previous year, the business earned $0.36 EPS. The company’s quarterly revenue was up 18.8% on a year-over-year basis. As a group, equities analysts anticipate that Spotify Technology will post 5.91 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Several institutional investors and hedge funds have recently bought and sold shares of the company. Thrivent Financial for Lutherans increased its holdings in shares of Spotify Technology by 7.4% during the second quarter. Thrivent Financial for Lutherans now owns 5,654 shares of the company’s stock valued at $1,774,000 after acquiring an additional 391 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Spotify Technology by 5.2% in the second quarter. The Manufacturers Life Insurance Company now owns 1,892 shares of the company’s stock worth $594,000 after buying an additional 94 shares during the last quarter. Mackenzie Financial Corp lifted its stake in shares of Spotify Technology by 33.1% during the second quarter. Mackenzie Financial Corp now owns 3,056 shares of the company’s stock worth $959,000 after buying an additional 760 shares during the period. Algert Global LLC grew its holdings in shares of Spotify Technology by 46.8% during the second quarter. Algert Global LLC now owns 1,494 shares of the company’s stock valued at $469,000 after buying an additional 476 shares during the last quarter. Finally, Creative Planning grew its holdings in shares of Spotify Technology by 7.4% during the second quarter. Creative Planning now owns 6,233 shares of the company’s stock valued at $1,956,000 after buying an additional 429 shares during the last quarter. 84.09% of the stock is 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.