Spotify Technology (NYSE:SPOT) Stock Price Expected to Rise, Barclays Analyst Says

Spotify Technology (NYSE:SPOT - Get Free Report) had its price target raised by stock analysts at Barclays from $650.00 to $800.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Barclays's price objective suggests a potential upside of 12.86% from the company's current price.

SPOT has been the subject of a number of other research reports. Phillip Securities upgraded Spotify Technology to a "moderate sell" rating in a report on Monday, May 5th. JPMorgan Chase & Co. upped their price objective on Spotify Technology from $670.00 to $730.00 and gave the company an "overweight" rating in a report on Wednesday, June 4th. Redburn Atlantic started coverage on Spotify Technology in a report on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 price target for the company. Wells Fargo & Company increased their price target on Spotify Technology from $690.00 to $740.00 and gave the stock an "overweight" rating in a report on Friday, March 28th. Finally, KeyCorp lowered their price target on Spotify Technology from $675.00 to $625.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $701.31.

Spotify Technology Trading Down 0.2%

Shares of SPOT traded down $1.13 during trading hours on Wednesday, hitting $708.82. 1,267,406 shares of the stock traded hands, compared to its average volume of 2,218,133. The business has a fifty day moving average of $689.79 and a 200-day moving average of $600.93. The firm has a market capitalization of $145.10 billion, a PE ratio of 117.55, a price-to-earnings-growth ratio of 1.87 and a beta of 1.68. Spotify Technology has a 1-year low of $288.07 and a 1-year high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The company's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.97 EPS. As a group, equities research analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Institutional Trading of Spotify Technology

Several hedge funds have recently added to or reduced their stakes in the company. Jennison Associates LLC increased its stake in Spotify Technology by 42.3% during 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 during the period. Massachusetts Financial Services Co. MA increased 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 worth $1,939,949,000 after acquiring an additional 112,553 shares during the period. FMR LLC increased 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 worth $913,276,000 after acquiring an additional 473,569 shares during the period. Schroder Investment Management Group increased 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 worth $855,810,000 after acquiring an additional 7,075 shares during the period. Finally, GQG Partners LLC bought a new position in Spotify Technology during the 4th quarter worth $800,725,000. 84.09% of the stock is 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.