Spotify Technology (NYSE:SPOT) Given New $750.00 Price Target at Evercore ISI

Spotify Technology (NYSE:SPOT - Get Free Report) had its price target increased by stock analysts at Evercore ISI from $650.00 to $750.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Evercore ISI's target price suggests a potential upside of 4.36% from the company's current price.

Several other brokerages also recently weighed in on SPOT. Rosenblatt Securities cut their price objective on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 30th. Wolfe Research raised Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price objective for the company in a report on Monday, April 21st. Guggenheim reiterated a "buy" rating on shares of Spotify Technology in a research report on Friday, June 6th. Canaccord Genuity Group reissued a "buy" rating on shares of Spotify Technology in a report on Friday, June 6th. Finally, Cantor Fitzgerald reduced their price objective on shares of Spotify Technology from $600.00 to $520.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Eight research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $614.59.

Spotify Technology Stock Performance

Shares of NYSE:SPOT traded up $7.79 during trading on Monday, hitting $718.64. The company's stock had a trading volume of 764,070 shares, compared to its average volume of 2,203,553. The company has a market capitalization of $147.11 billion, a PE ratio of 120.87 and a beta of 1.68. Spotify Technology has a fifty-two week low of $288.07 and a fifty-two week high of $723.22. The stock's 50-day moving average price is $629.98 and its two-hundred day moving average price is $567.40.

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 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 firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter last year, the firm posted $0.97 earnings per share. Spotify Technology's revenue was up 15.2% compared to the same quarter last year. On average, equities analysts predict that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SPOT. Hartford Investment Management Co. grew its holdings 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 in the last quarter. Citizens Financial Group Inc. RI grew its stake in Spotify Technology by 3.7% in the first quarter. Citizens Financial Group Inc. RI now owns 477 shares of the company's stock valued at $262,000 after purchasing an additional 17 shares in the last quarter. HM Payson & Co. increased its position in Spotify Technology by 39.1% in the 1st quarter. HM Payson & Co. now owns 64 shares of the company's stock worth $35,000 after purchasing an additional 18 shares during the last quarter. Adero Partners LLC raised its stake in shares of Spotify Technology by 0.7% during the 1st quarter. Adero Partners LLC now owns 2,635 shares of the company's stock worth $1,449,000 after purchasing an additional 19 shares in the last quarter. Finally, North Star Investment Management Corp. raised its stake in shares of Spotify Technology by 52.8% during the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after purchasing an additional 19 shares in the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.