Spotify Technology (NYSE:SPOT - Get Free Report) had its price target upped by research analysts at Cantor Fitzgerald from $610.00 to $640.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Cantor Fitzgerald's target price would indicate a potential downside of 9.84% from the stock's current price.
Other equities analysts have also recently issued reports about the stock. Barclays lowered their price target on shares of Spotify Technology from $710.00 to $650.00 and set an "overweight" rating on the stock in a report on Wednesday, April 30th. Pivotal Research upped their target price on Spotify Technology from $800.00 to $900.00 and gave the stock a "buy" rating in a research report on Tuesday. Canaccord Genuity Group reaffirmed a "buy" rating on shares of Spotify Technology in a research note on Friday, June 6th. FBN Securities started coverage on Spotify Technology in a report on Friday, March 28th. They set a "sector perform" rating and a $645.00 price target for the company. Finally, JPMorgan Chase & Co. increased their price objective on Spotify Technology from $670.00 to $730.00 and gave the stock an "overweight" rating in a report on Wednesday, June 4th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Spotify Technology currently has an average rating of "Moderate Buy" and an average target price of $630.28.
Read Our Latest Report on Spotify Technology
Spotify Technology Price Performance
NYSE SPOT traded down $11.44 on Wednesday, hitting $709.84. 551,677 shares of the stock were exchanged, compared to its average volume of 2,198,378. The company's 50-day moving average price is $637.04 and its two-hundred day moving average price is $570.13. The company has a market capitalization of $145.31 billion, a price-to-earnings ratio of 117.70, a P/E/G ratio of 1.75 and a beta of 1.68. Spotify Technology has a 52-week low of $288.07 and a 52-week high of $728.80.
Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($1.16). The business had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The firm's revenue was up 15.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.97 earnings per share. Equities analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.
Institutional Investors Weigh In On Spotify Technology
Institutional investors have recently added to or reduced their stakes in the stock. Principal Securities Inc. raised its stake in Spotify Technology by 45.9% during the fourth quarter. Principal Securities Inc. now owns 1,227 shares of the company's stock worth $549,000 after acquiring an additional 386 shares in the last quarter. Allworth Financial LP grew its holdings in shares of Spotify Technology by 134.0% in the 4th quarter. Allworth Financial LP now owns 372 shares of the company's stock worth $184,000 after purchasing an additional 213 shares during the last quarter. Strategic Financial Concepts LLC acquired a new stake in shares of Spotify Technology during the 4th quarter worth about $56,000. CIBC Asset Management Inc bought a new position in Spotify Technology during the 4th quarter valued at about $7,597,000. Finally, Truist Financial Corp lifted its holdings in Spotify Technology by 35.4% during the 4th quarter. Truist Financial Corp now owns 26,180 shares of the company's stock valued at $11,712,000 after purchasing an additional 6,845 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.
About Spotify Technology
(
Get Free Report)
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.
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