Spotify Technology (NYSE:SPOT) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Spotify Technology (NYSE:SPOT - Get Free Report) had its target price boosted by equities research analysts at JPMorgan Chase & Co. from $670.00 to $730.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 2.49% from the stock's current price.

A number of other brokerages have also commented on SPOT. Canaccord Genuity Group increased their price objective on Spotify Technology from $700.00 to $775.00 and gave the company a "buy" rating in a research report on Tuesday, May 20th. Redburn Atlantic began coverage on Spotify Technology in a report on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 price objective for the company. Loop Capital raised their price objective on Spotify Technology from $435.00 to $550.00 and gave the company a "hold" rating in a report on Friday, May 2nd. Macquarie lifted their price target on Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a report on Friday, April 25th. Finally, Cantor Fitzgerald reduced their price objective on Spotify Technology from $600.00 to $520.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Eight equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $611.14.

Spotify Technology Trading Up 1.6%

SPOT traded up $11.17 on Wednesday, hitting $712.25. 2,005,265 shares of the stock traded hands, compared to its average volume of 2,219,876. Spotify Technology has a 52 week low of $288.07 and a 52 week high of $717.50. The firm has a market capitalization of $145.80 billion, a PE ratio of 119.71 and a beta of 1.72. The business has a fifty day moving average price of $606.47 and a two-hundred day moving average price of $554.79.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The company's revenue for the quarter was up 15.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.97 earnings per share. On average, equities research analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Hedge funds and other institutional investors have recently bought and sold shares of the company. Thrivent Financial for Lutherans lifted its holdings in Spotify Technology by 566.1% during the 4th quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock worth $3,541,000 after buying an additional 6,782 shares during the period. Marks Group Wealth Management Inc acquired a new position in Spotify Technology during the 4th quarter worth about $535,000. Steward Partners Investment Advisory LLC lifted its holdings in Spotify Technology by 4.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,072 shares of the company's stock worth $927,000 after buying an additional 85 shares during the period. WealthPlan Investment Management LLC acquired a new position in Spotify Technology during the 4th quarter worth about $217,000. Finally, Amundi lifted its holdings in Spotify Technology by 194.2% during the 4th quarter. Amundi now owns 750,030 shares of the company's stock worth $359,812,000 after buying an additional 495,087 shares during the period. Institutional investors own 84.09% of the company's stock.

Spotify Technology Company Profile

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.