Spotify Technology (NYSE:SPOT) Price Target Raised to $850.00 at Morgan Stanley

Spotify Technology (NYSE:SPOT - Free Report) had its price target raised by Morgan Stanley from $700.00 to $850.00 in a research note published on Thursday,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

SPOT has been the topic of a number of other research reports. Pivotal Research raised their price objective on Spotify Technology from $800.00 to $900.00 and gave the company a "buy" rating in a report on Tuesday, June 17th. FBN Securities started coverage on Spotify Technology in a report on Friday, March 28th. They issued a "sector perform" rating and a $645.00 price objective on the stock. Wolfe Research upgraded Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price target on the stock in a report on Monday, April 21st. Benchmark lifted their price target on Spotify Technology from $700.00 to $840.00 and gave the stock a "buy" rating in a report on Thursday. Finally, Loop Capital lifted their price target on Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $681.27.

Spotify Technology Trading Down 1.8%

SPOT stock traded down $12.77 during midday trading on Thursday, reaching $709.35. The stock had a trading volume of 1,337,466 shares, compared to its average volume of 2,222,215. The company's fifty day simple moving average is $688.46 and its 200 day simple moving average is $599.23. The company has a market cap of $145.21 billion, a price-to-earnings ratio of 117.64, a price-to-earnings-growth ratio of 1.90 and a beta of 1.68. Spotify Technology has a 52-week low of $288.07 and a 52-week high of $785.00.

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 for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). The firm had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The company's revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.97 EPS. Sell-side analysts predict that Spotify Technology will post 10.3 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

Several institutional investors have recently bought and sold shares of the company. Cornerstone Planning Group LLC boosted its stake in shares of Spotify Technology by 512.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock valued at $29,000 after buying an additional 41 shares during the period. Tsfg LLC acquired a new position in shares of Spotify Technology in the 1st quarter valued at $28,000. North Star Investment Management Corp. boosted its holdings in shares of Spotify Technology by 52.8% in the 1st 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. Mpwm Advisory Solutions LLC acquired a new stake in Spotify Technology during the 4th quarter worth $26,000. Finally, Hillsdale Investment Management Inc. acquired a new stake in Spotify Technology during the 4th quarter worth $27,000. 84.09% of the stock is owned by institutional investors and hedge funds.

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.