Canaccord Genuity Group Boosts Spotify Technology (NYSE:SPOT) Price Target to $850.00

Spotify Technology (NYSE:SPOT - Free Report) had its price objective lifted by Canaccord Genuity Group from $775.00 to $850.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

SPOT has been the topic of several other research reports. Cantor Fitzgerald increased their price objective on Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 18th. Pivotal Research raised their price target on Spotify Technology from $800.00 to $900.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. Sanford C. Bernstein upgraded Spotify Technology to a "strong-buy" rating in a report on Tuesday, June 3rd. Rosenblatt Securities cut their target price on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 30th. Finally, Macquarie increased their price objective on shares of Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a research note on Friday, April 25th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $660.28.

Spotify Technology Stock Down 2.2%

SPOT traded down $15.69 during trading hours on Wednesday, reaching $706.66. 2,785,921 shares of the company's stock traded hands, compared to its average volume of 2,221,788. The firm has a 50-day moving average price of $671.78 and a 200 day moving average price of $587.67. Spotify Technology has a 52-week low of $288.07 and a 52-week high of $785.00. The firm has a market capitalization of $144.66 billion, a PE ratio of 117.19, a PEG ratio of 1.90 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The company had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. During the same period in the prior year, the business earned $0.97 EPS. The company's quarterly revenue was up 15.2% on a year-over-year basis. Equities analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Institutional investors and hedge funds have recently modified their holdings of the stock. Hartford Investment Management Co. lifted its holdings in Spotify Technology by 1.1% in the first quarter. Hartford Investment Management Co. now owns 1,449 shares of the company's stock valued at $797,000 after acquiring an additional 16 shares during the period. Citizens Financial Group Inc. RI lifted its stake in shares of Spotify Technology by 3.7% in the 1st quarter. Citizens Financial Group Inc. RI now owns 477 shares of the company's stock valued at $262,000 after purchasing an additional 17 shares during the period. HM Payson & Co. lifted its stake in shares of Spotify Technology by 39.1% in the 1st quarter. HM Payson & Co. now owns 64 shares of the company's stock valued at $35,000 after purchasing an additional 18 shares during the period. Adero Partners LLC boosted its holdings in Spotify Technology by 0.7% during the first quarter. Adero Partners LLC now owns 2,635 shares of the company's stock worth $1,449,000 after buying an additional 19 shares in the last quarter. Finally, North Star Investment Management Corp. increased its holdings in Spotify Technology by 52.8% in the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after buying an additional 19 shares in 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.