Morgan Stanley Issues Positive Forecast for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT - Free Report) had its price objective boosted by Morgan Stanley from $700.00 to $850.00 in a report released on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research analysts have also commented on the company. The Goldman Sachs Group increased their price objective on Spotify Technology from $680.00 to $775.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. China Renaissance assumed coverage on Spotify Technology in a research report on Wednesday, March 26th. They issued a "buy" rating and a $740.00 price objective on the stock. Guggenheim increased their price objective on Spotify Technology from $725.00 to $840.00 and gave the company a "buy" rating in a research report on Wednesday, June 25th. DZ Bank downgraded Spotify Technology from a "strong-buy" rating to a "strong sell" rating in a research note on Friday, June 13th. Finally, JPMorgan Chase & Co. raised their price objective on Spotify Technology from $670.00 to $730.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 4th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $690.77.

Spotify Technology Trading Down 0.2%

SPOT traded down $1.13 on Thursday, hitting $708.82. 1,267,406 shares of the stock traded hands, compared to its average volume of 2,218,412. 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 $145.10 billion, a PE ratio of 117.55, a P/E/G ratio of 1.90 and a beta of 1.68. The business has a fifty day moving average price of $688.46 and a two-hundred day moving average price of $599.23.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued 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). Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter in the prior year, the firm earned $0.97 earnings per share. The company's revenue was up 15.2% on a year-over-year basis. 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

Institutional investors have recently added to or reduced their stakes in the company. Hartford Investment Management Co. grew its position in shares of Spotify Technology by 1.1% during the 1st 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. Stonekeep Investments LLC boosted its holdings in Spotify Technology by 2.1% in the 2nd quarter. Stonekeep Investments LLC now owns 773 shares of the company's stock worth $593,000 after buying an additional 16 shares during the period. Moody National Bank Trust Division boosted its holdings in Spotify Technology by 0.5% in the 2nd quarter. Moody National Bank Trust Division now owns 2,931 shares of the company's stock worth $2,249,000 after buying an additional 16 shares during the period. Citizens Financial Group Inc. RI boosted its holdings in shares of Spotify Technology by 3.7% in the first quarter. Citizens Financial Group Inc. RI now owns 477 shares of the company's stock worth $262,000 after acquiring an additional 17 shares during the period. Finally, HM Payson & Co. boosted its holdings in shares of Spotify Technology by 39.1% in the first quarter. HM Payson & Co. now owns 64 shares of the company's stock worth $35,000 after acquiring an additional 18 shares during the period. 84.09% of the stock is owned by institutional investors.

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.