Canaccord Genuity Group Forecasts Strong Price Appreciation for Spotify Technology (NYSE:SPOT) Stock

Spotify Technology (NYSE:SPOT - Get Free Report) had its price objective hoisted by analysts at Canaccord Genuity Group from $700.00 to $775.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price objective suggests a potential upside of 18.26% from the company's current price.

Several other research firms have also commented on SPOT. Benchmark lifted their price objective on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a "buy" rating in a research note on Wednesday, February 5th. Guggenheim raised their target price on shares of Spotify Technology from $675.00 to $725.00 and gave the stock a "buy" rating in a report on Monday, May 12th. FBN Securities initiated coverage on shares of Spotify Technology in a research report on Friday, March 28th. They issued a "sector perform" rating and a $645.00 price objective on the stock. KeyCorp dropped their target price on Spotify Technology from $675.00 to $625.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Finally, Cantor Fitzgerald cut their target price on Spotify Technology from $600.00 to $520.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Eight analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $609.07.

Spotify Technology Trading Up 2.9%

Spotify Technology stock traded up $18.59 during mid-day trading on Tuesday, hitting $655.34. The stock had a trading volume of 1,882,791 shares, compared to its average volume of 2,212,519. Spotify Technology has a one year low of $288.07 and a one year high of $669.00. The firm has a market capitalization of $134.15 billion, a P/E ratio of 110.14 and a beta of 1.72. The firm's 50 day moving average is $594.39 and its 200 day moving average is $542.77.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The company had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. During the same period last year, the firm posted $0.97 EPS. Spotify Technology's quarterly revenue was up 15.2% compared to the same quarter last year. As a group, equities research analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

Institutional Investors Weigh In On Spotify Technology

A number of institutional investors have recently modified their holdings of SPOT. Merit Financial Group LLC lifted its stake in shares of Spotify Technology by 243.7% in the 4th quarter. Merit Financial Group LLC now owns 3,248 shares of the company's stock worth $1,453,000 after acquiring an additional 2,303 shares during the period. HB Wealth Management LLC raised its holdings in Spotify Technology by 49.4% during the fourth quarter. HB Wealth Management LLC now owns 1,721 shares of the company's stock worth $770,000 after purchasing an additional 569 shares in the last quarter. LVW Advisors LLC bought a new stake in Spotify Technology during the fourth quarter worth approximately $292,000. Diversify Advisory Services LLC acquired a new stake in Spotify Technology in the fourth quarter worth approximately $391,000. Finally, MassMutual Private Wealth & Trust FSB boosted its stake in Spotify Technology by 1,121.3% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 574 shares of the company's stock valued at $257,000 after purchasing an additional 527 shares in the last quarter. Institutional investors own 84.09% of the company's stock.

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.