Barclays Increases Spotify Technology (NYSE:SPOT) Price Target to $800.00

Spotify Technology (NYSE:SPOT - Get Free Report) had its price objective hoisted by Barclays from $650.00 to $800.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Barclays's price objective suggests a potential upside of 12.78% from the company's previous close.

Several other brokerages have also recently issued reports on SPOT. Sanford C. Bernstein raised their target price on shares of Spotify Technology from $825.00 to $840.00 and gave the stock an "outperform" rating in a report on Tuesday. JPMorgan Chase & Co. upped their price target on Spotify Technology from $670.00 to $730.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 4th. Evercore ISI increased their price target on Spotify Technology from $650.00 to $750.00 and gave the company an "outperform" rating in a report on Monday, June 16th. DZ Bank lowered Spotify Technology from a "strong-buy" rating to a "strong sell" rating in a research note on Friday, June 13th. Finally, Guggenheim raised their price target on Spotify Technology from $725.00 to $840.00 and gave the stock a "buy" rating in a report on Wednesday, June 25th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, Spotify Technology currently has an average rating of "Moderate Buy" and a consensus target price of $681.27.

Spotify Technology Trading Down 1.8%

Spotify Technology stock traded down $12.77 during trading hours on Wednesday, reaching $709.35. 1,331,991 shares of the stock were exchanged, compared to its average volume of 2,288,709. The stock has a 50 day moving average of $686.31 and a two-hundred day moving average of $597.48. The company has a market cap of $145.21 billion, a P/E ratio of 117.64, a price-to-earnings-growth ratio of 1.90 and a beta of 1.68. 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 posted its 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 during 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 business's revenue was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.97 EPS. On average, analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in SPOT. GQG Partners LLC acquired a new position in shares of Spotify Technology during the fourth quarter worth about $800,725,000. Goldman Sachs Group Inc. increased its position in Spotify Technology by 1,151.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company's stock valued at $957,494,000 after acquiring an additional 1,601,653 shares during the period. Jennison Associates LLC increased its position in shares of Spotify Technology by 42.3% during the 1st quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock valued at $2,336,494,000 after purchasing an additional 1,262,614 shares during the period. Geode Capital Management LLC boosted its stake in shares of Spotify Technology by 561.6% during the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock worth $659,841,000 after acquiring an additional 1,259,183 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Spotify Technology during the 4th quarter worth $396,028,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

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.