Spotify Technology (NYSE:SPOT - Get Free Report) had its price target increased by equities researchers at JPMorgan Chase & Co. from $730.00 to $780.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 10.10% from the stock's current price.
Other research analysts have also recently issued reports about the company. Cantor Fitzgerald boosted their target price on Spotify Technology from $610.00 to $640.00 and gave the company a "neutral" rating in a research note on Wednesday, June 18th. Canaccord Genuity Group increased their price target on Spotify Technology from $775.00 to $850.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Sanford C. Bernstein upped their price objective on Spotify Technology from $825.00 to $840.00 and gave the company an "outperform" rating in a research note on Tuesday. KeyCorp increased their target price on Spotify Technology from $640.00 to $860.00 and gave the stock an "overweight" rating in a research note on Friday. Finally, Pivotal Research increased their target price on Spotify Technology from $800.00 to $900.00 and gave the stock a "buy" rating in a research note on Tuesday, June 17th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $690.77.
Get Our Latest Analysis on Spotify Technology
Spotify Technology Stock Performance
Spotify Technology stock traded down $1.53 on Friday, reaching $708.42. The company's stock had a trading volume of 778,795 shares, compared to its average volume of 2,278,934. The company has a market cap of $145.02 billion, a price-to-earnings ratio of 117.44, a PEG ratio of 1.90 and a beta of 1.68. The business's fifty day moving average price is $688.46 and its 200 day moving average price is $599.23. Spotify Technology has a twelve month low of $288.07 and a twelve month high of $785.00.
Spotify Technology (NYSE:SPOT - Get Free Report) last released its 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). The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The company's revenue was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.97 EPS. As a group, equities analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the stock. Jennison Associates LLC raised its position in shares of Spotify Technology by 42.3% in the 1st quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock worth $2,336,494,000 after acquiring an additional 1,262,614 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Spotify Technology by 3.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company's stock valued at $1,939,949,000 after purchasing an additional 112,553 shares during the last quarter. FMR LLC boosted its stake in Spotify Technology by 30.2% during the 4th quarter. FMR LLC now owns 2,041,387 shares of the company's stock valued at $913,276,000 after purchasing an additional 473,569 shares during the last quarter. Schroder Investment Management Group boosted its stake in Spotify Technology by 0.4% during the 4th quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company's stock valued at $855,810,000 after purchasing an additional 7,075 shares during the last quarter. Finally, GQG Partners LLC purchased a new position in shares of Spotify Technology in the 4th quarter worth approximately $800,725,000. 84.09% of the stock is owned by institutional investors.
About Spotify Technology
(
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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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