Spotify Technology S.A. (NYSE:SPOT) Receives $421.69 Consensus Price Target from Brokerages

Spotify Technology S.A. (NYSE:SPOT) has earned an average rating of “Moderate Buy” from the twenty-nine research firms that are currently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have assigned a buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $422.90.

A number of analysts have commented on the stock. Barclays boosted their price target on shares of Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. JPMorgan Chase & Co. boosted their target price on Spotify Technology from $425.00 to $530.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Piper Sandler upped their target price on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Rosenblatt Securities lifted their price target on Spotify Technology from $399.00 to $438.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Finally, Pivotal Research upped their price objective on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a report on Wednesday, November 13th.

Spotify Technology Trading Down 1.8 %

SPOT opened at $493.51 on Friday. The business’s 50 day moving average is $413.44 and its 200-day moving average is $355.61. The stock has a market cap of $98.23 billion, a PE ratio of 134.11 and a beta of 1.61. Spotify Technology has a twelve month low of $185.37 and a twelve month high of $506.47.

Spotify Technology (NYSE:SPOT) last announced 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 business had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The company’s revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.36 EPS. As a group, analysts forecast that Spotify Technology will post 6.02 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

Several institutional investors and hedge funds have recently modified their holdings of SPOT. Transcendent Capital Group LLC purchased a new position in Spotify Technology in the second quarter valued at about $25,000. Prestige Wealth Management Group LLC bought a new position in Spotify Technology during the third quarter valued at approximately $26,000. Benjamin Edwards Inc. lifted its stake in Spotify Technology by 214.8% in the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after acquiring an additional 58 shares during the last quarter. Mather Group LLC. grew its position in Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after acquiring an additional 99 shares in the last quarter. Finally, Hobbs Group Advisors LLC acquired a new position in shares of Spotify Technology during the 3rd quarter worth $33,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

About Spotify Technology

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.