Sanford C. Bernstein Forecasts Strong Price Appreciation for Spotify Technology (NYSE:SPOT) Stock

Spotify Technology (NYSE:SPOT - Get Free Report) had its target price increased by research analysts at Sanford C. Bernstein from $825.00 to $840.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Sanford C. Bernstein's target price would indicate a potential upside of 16.51% from the stock's current price.

A number of other brokerages also recently commented on SPOT. KeyCorp dropped their target price on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Evercore ISI upped their target price on shares of Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a research note on Monday, June 16th. Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price on the stock in a research note on Monday, April 21st. Wells Fargo & Company upped their target price on shares of Spotify Technology from $690.00 to $740.00 and gave the stock an "overweight" rating in a research note on Friday, March 28th. Finally, Bank of America upped their target price on shares of Spotify Technology from $700.00 to $900.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have given a buy rating to the company's stock. Based on data from MarketBeat.com, Spotify Technology presently has a consensus rating of "Moderate Buy" and an average target price of $666.27.

Spotify Technology Stock Down 2.1%

Spotify Technology stock traded down $15.31 during midday trading on Tuesday, reaching $720.98. The stock had a trading volume of 804,952 shares, compared to its average volume of 2,220,502. Spotify Technology has a 52-week low of $288.07 and a 52-week high of $785.00. The firm has a market cap of $147.59 billion, a price-to-earnings ratio of 119.57, a price-to-earnings-growth ratio of 1.91 and a beta of 1.68. The company has a fifty day moving average of $681.30 and a 200 day moving average of $595.75.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). The company had revenue of $4.41 billion for 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 firm's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.97 earnings per share. Equities research analysts predict that Spotify Technology will post 10.3 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cornerstone Planning Group LLC lifted its position in Spotify Technology by 512.5% during the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock valued at $29,000 after purchasing an additional 41 shares during the period. Tsfg LLC acquired a new position in Spotify Technology during the first quarter valued at $28,000. North Star Investment Management Corp. lifted its position in Spotify Technology by 52.8% during the first quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after purchasing an additional 19 shares during the period. Mpwm Advisory Solutions LLC acquired a new position in Spotify Technology during the fourth quarter valued at $26,000. Finally, Hillsdale Investment Management Inc. acquired a new position in Spotify Technology during the fourth quarter valued at $27,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.

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