Spotify Technology (NYSE:SPOT) Price Target Raised to $900.00

Spotify Technology (NYSE:SPOT - Get Free Report) had its price objective raised by equities research analysts at Pivotal Research from $800.00 to $900.00 in a research note issued on Tuesday,Briefing.com Automated Import reports. The firm currently has a "buy" rating on the stock. Pivotal Research's target price would suggest a potential upside of 25.76% from the stock's current price.

A number of other equities research analysts have also recently weighed in on SPOT. China Renaissance began coverage on Spotify Technology in a report on Wednesday, March 26th. They set a "buy" rating and a $740.00 price target for the company. Evercore ISI increased their target price on Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a report on Monday. Robert W. Baird lifted their price target on Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price target on the stock in a research report on Monday, April 21st. Finally, Sanford C. Bernstein upgraded shares of Spotify Technology to a "strong-buy" rating in a research report on Tuesday, June 3rd. Eight equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $626.14.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $715.64 on Tuesday. The company's fifty day moving average is $634.00 and its 200-day moving average is $569.07. Spotify Technology has a 52 week low of $288.07 and a 52 week high of $723.70. The company has a market capitalization of $146.50 billion, a PE ratio of 120.28 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate 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 net margin of 7.26% and a return on equity of 25.56%. The company's revenue for the quarter was up 15.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.97 earnings per share. On average, analysts forecast that Spotify Technology will post 10.3 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

Institutional investors have recently modified their holdings of the stock. Mpwm Advisory Solutions LLC acquired a new position in Spotify Technology during the fourth quarter valued at approximately $26,000. Hillsdale Investment Management Inc. bought a new position in shares of Spotify Technology during the fourth quarter worth $27,000. Tsfg LLC acquired a new position in shares of Spotify Technology in the 1st quarter valued at $28,000. Copia Wealth Management bought a new stake in shares of Spotify Technology in the 4th quarter valued at $29,000. Finally, Cornerstone Planning Group LLC raised its stake 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 buying an additional 41 shares during the period. 84.09% of the stock is currently 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.

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