Guggenheim Forecasts Strong Price Appreciation for Spotify Technology (NYSE:SPOT) Stock

Spotify Technology (NYSE:SPOT - Get Free Report) had its price target hoisted by Guggenheim from $675.00 to $725.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Guggenheim's price target indicates a potential upside of 18.62% from the stock's previous close.

SPOT has been the subject of a number of other reports. Macquarie lifted 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. Wolfe Research raised shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price objective for the company in a research note on Monday, April 21st. Phillip Securities raised shares of Spotify Technology to a "moderate sell" rating in a research note on Monday, May 5th. JPMorgan Chase & Co. boosted their price objective on shares of Spotify Technology from $640.00 to $670.00 and gave the company an "overweight" rating in a research note on Wednesday, April 30th. Finally, Redburn Atlantic assumed coverage on shares of Spotify Technology in a research report on Tuesday, March 11th. They set a "neutral" rating and a $545.00 price target for the company. Eight investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. According to MarketBeat, Spotify Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $606.48.

Spotify Technology Trading Down 5.7%

Shares of SPOT stock traded down $37.05 during trading hours on Monday, hitting $611.20. 986,600 shares of the company were exchanged, compared to its average volume of 2,169,212. The firm has a fifty day simple moving average of $575.47 and a 200 day simple moving average of $525.93. Spotify Technology has a 52-week low of $286.21 and a 52-week high of $666.61. The stock has a market capitalization of $125.12 billion, a price-to-earnings ratio of 103.16 and a beta of 1.72.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The business had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. During the same quarter in the prior year, the firm posted $0.97 earnings per share. The firm's quarterly revenue was up 15.2% on a year-over-year basis. Sell-side analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

Institutional investors and hedge funds have recently made changes to their positions in the business. Mpwm Advisory Solutions LLC bought a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $26,000. Hillsdale Investment Management Inc. purchased a new stake in Spotify Technology in the fourth quarter worth approximately $27,000. Tsfg LLC purchased a new stake in Spotify Technology in the first quarter worth approximately $28,000. Copia Wealth Management purchased a new stake in Spotify Technology in the fourth quarter worth approximately $29,000. Finally, Cornerstone Planning Group LLC boosted its holdings in Spotify Technology by 512.5% in the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock worth $29,000 after purchasing an additional 41 shares during the last quarter. Institutional investors 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.

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