Spotify Technology (NYSE:SPOT) Rating Increased to Outperform at Oppenheimer

Spotify Technology (NYSE:SPOT - Get Free Report) was upgraded by equities research analysts at Oppenheimer from a "market perform" rating to an "outperform" rating in a research report issued on Thursday, MarketBeat.com reports. The brokerage currently has a $800.00 target price on the stock. Oppenheimer's price target would indicate a potential upside of 16.08% from the stock's previous close.

SPOT has been the topic of several other reports. Robert W. Baird lifted their price objective on Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Macquarie lifted their price objective on Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a report on Friday, April 25th. Guggenheim lifted their price objective on Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a report on Wednesday, June 25th. UBS Group lifted their price objective on Spotify Technology from $680.00 to $895.00 and gave the stock a "buy" rating in a report on Friday, June 27th. Finally, Canaccord Genuity Group lifted their price objective on Spotify Technology from $775.00 to $850.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. One 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. According to data from MarketBeat, Spotify Technology has an average rating of "Moderate Buy" and an average target price of $715.77.

Spotify Technology Stock Performance

Shares of NYSE:SPOT traded up $14.71 during mid-day trading on Thursday, hitting $689.17. 963,766 shares of the company traded hands, compared to its average volume of 2,240,391. The firm has a market cap of $141.08 billion, a P/E ratio of 114.33, a PEG ratio of 1.80 and a beta of 1.68. Spotify Technology has a 52-week low of $300.57 and a 52-week high of $785.00. The firm's 50 day simple moving average is $699.83 and its 200 day simple moving average is $614.42.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced 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). The company had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The business's quarterly revenue was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.97 earnings per share. Equities research analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Thrivent Financial for Lutherans raised its stake in Spotify Technology by 566.1% during the 4th quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock valued at $3,541,000 after acquiring an additional 6,782 shares in the last quarter. O Shaughnessy Asset Management LLC raised its stake in shares of Spotify Technology by 18.5% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 22,598 shares of the company's stock worth $10,110,000 after buying an additional 3,536 shares in the last quarter. QRG Capital Management Inc. raised its stake in shares of Spotify Technology by 36.3% in the 1st quarter. QRG Capital Management Inc. now owns 710 shares of the company's stock worth $391,000 after buying an additional 189 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Spotify Technology by 38.1% in the 1st quarter. GAMMA Investing LLC now owns 1,305 shares of the company's stock worth $718,000 after buying an additional 360 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its stake in shares of Spotify Technology by 16.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company's stock worth $4,699,000 after buying an additional 1,179 shares in the last quarter. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.