Spotify Technology (NYSE:SPOT) Price Target Raised to $840.00 at Benchmark

Spotify Technology (NYSE:SPOT - Get Free Report) had its price target hoisted by investment analysts at Benchmark from $700.00 to $840.00 in a report issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. Benchmark's price objective would suggest a potential upside of 16.46% from the company's previous close.

Other equities analysts also recently issued reports about the stock. Pivotal Research raised their price target on shares of Spotify Technology from $800.00 to $900.00 and gave the stock a "buy" rating in a research note on Tuesday, June 17th. JPMorgan Chase & Co. boosted their target price on Spotify Technology from $670.00 to $730.00 and gave the stock an "overweight" rating in a report on Wednesday, June 4th. 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 report on Wednesday, July 2nd. Rosenblatt Securities lowered their price objective on Spotify Technology from $658.00 to $657.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 30th. Finally, UBS Group upped their target price on Spotify Technology from $680.00 to $895.00 and gave the company a "buy" rating in a report on Friday, June 27th. One research 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, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $675.27.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $721.25 on Thursday. Spotify Technology has a 1 year low of $288.07 and a 1 year high of $785.00. The firm has a market capitalization of $147.64 billion, a price-to-earnings ratio of 119.61, a price-to-earnings-growth ratio of 1.90 and a beta of 1.68. The business's 50 day moving average price is $686.31 and its 200-day moving average price is $597.48.

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

Institutional Trading of Spotify Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of SPOT. Stonekeep Investments LLC increased its holdings in shares of Spotify Technology by 2.1% in the 2nd quarter. Stonekeep Investments LLC now owns 773 shares of the company's stock valued at $593,000 after acquiring an additional 16 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in Spotify Technology by 104.6% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 31,429 shares of the company's stock worth $24,117,000 after purchasing an additional 16,071 shares in the last quarter. Focus Financial Network Inc. raised its holdings in Spotify Technology by 11.3% during the second quarter. Focus Financial Network Inc. now owns 642 shares of the company's stock worth $493,000 after purchasing an additional 65 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Spotify Technology during the 2nd quarter worth approximately $312,000. Finally, Pines Wealth Management LLC grew its position in shares of Spotify Technology by 37.8% in the 2nd quarter. Pines Wealth Management LLC now owns 904 shares of the company's stock valued at $655,000 after buying an additional 248 shares during the last quarter. 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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