Spotify Technology (NYSE:SPOT) Given New $840.00 Price Target at Guggenheim

Spotify Technology (NYSE:SPOT - Get Free Report) had its target price lifted by equities research analysts at Guggenheim from $725.00 to $840.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Guggenheim's price objective indicates a potential upside of 10.92% from the company's previous close.

SPOT has been the subject of several other research reports. FBN Securities assumed coverage on Spotify Technology in a research report on Friday, March 28th. They set a "sector perform" rating and a $645.00 target price for the company. Wolfe Research upgraded 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. Loop Capital increased their target price on Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a research note on Friday, May 2nd. UBS Group restated an "overweight" rating on shares of Spotify Technology in a report on Friday, June 6th. Finally, China Renaissance started coverage on shares of Spotify Technology in a research note on Wednesday, March 26th. They issued a "buy" rating and a $740.00 price target on the stock. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Spotify Technology presently has an average rating of "Moderate Buy" and an average price target of $634.24.

Spotify Technology Stock Up 1.0%

NYSE SPOT traded up $7.38 during trading hours on Wednesday, hitting $757.29. 110,206 shares of the company were exchanged, compared to its average volume of 2,200,648. Spotify Technology has a 52 week low of $288.07 and a 52 week high of $758.91. The stock has a 50-day moving average price of $653.56 and a 200 day moving average price of $578.07. The stock has a market cap of $155.02 billion, a PE ratio of 125.59, a price-to-earnings-growth ratio of 1.92 and a beta of 1.68.

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 analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter in the prior year, the business earned $0.97 earnings per share. The firm's quarterly revenue was up 15.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current year.

Institutional Investors Weigh In On Spotify Technology

Large investors have recently modified their holdings of the business. Cornerstone Planning Group LLC grew its position in Spotify Technology by 512.5% during the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock worth $29,000 after purchasing an additional 41 shares during the last quarter. Tsfg LLC purchased a new position in Spotify Technology in the 1st quarter worth $28,000. North Star Investment Management Corp. raised its stake in Spotify Technology by 52.8% in the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after acquiring an additional 19 shares during the last quarter. Mpwm Advisory Solutions LLC acquired a new stake in Spotify Technology during the 4th quarter worth about $26,000. Finally, Hillsdale Investment Management Inc. purchased a new position in shares of Spotify Technology in the fourth quarter worth about $27,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

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.

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