Benchmark Reiterates “Buy” Rating for Spotify Technology (NYSE:SPOT)

Spotify Technology (NYSE:SPOT)‘s stock had its “buy” rating reaffirmed by equities research analysts at Benchmark in a report issued on Thursday,Benzinga reports. They currently have a $520.00 price target on the stock. Benchmark’s target price would indicate a potential upside of 6.98% from the stock’s previous close.

Other analysts also recently issued reports about the stock. Macquarie increased their price target on shares of Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. TD Cowen lifted their price target on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. Bank of America boosted their price target on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. KeyCorp raised their price objective on Spotify Technology from $520.00 to $555.00 and gave the stock an “overweight” rating in a research note on Friday, January 10th. Finally, Pivotal Research boosted their target price on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $441.21.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $486.07 on Thursday. The firm’s 50 day moving average price is $467.11 and its two-hundred day moving average price is $388.20. The stock has a market cap of $96.75 billion, a PE ratio of 132.08 and a beta of 1.62. Spotify Technology has a 52-week low of $200.81 and a 52-week high of $506.47.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data 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 for the quarter, compared to analyst estimates of $4.03 billion. During the same period last year, the firm earned $0.36 earnings per share. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. As a group, sell-side analysts predict that Spotify Technology will post 5.96 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Several large investors have recently made changes to their positions in SPOT. WCM Investment Management LLC increased its holdings in Spotify Technology by 18.5% during the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after buying an additional 605,755 shares during the last quarter. International Assets Investment Management LLC increased its stake in shares of Spotify Technology by 36,910.0% during the 3rd quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock worth $128,073,000 after purchasing an additional 346,585 shares during the last quarter. Sei Investments Co. raised its holdings in shares of Spotify Technology by 106.8% in the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock valued at $202,828,000 after purchasing an additional 333,782 shares during the period. FMR LLC lifted its stake in Spotify Technology by 23.4% in the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after purchasing an additional 297,035 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its stake in Spotify Technology by 3,948.3% in the 3rd quarter. Janus Henderson Group PLC now owns 264,233 shares of the company’s stock valued at $97,329,000 after purchasing an additional 257,706 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

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.