Barclays Issues Positive Forecast for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT - Get Free Report) had its price objective upped by research analysts at Barclays from $650.00 to $800.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Barclays's price target suggests a potential upside of 13.80% from the stock's current price.

A number of other research analysts have also weighed in on the stock. KeyCorp cut their target price on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. Redburn Atlantic initiated coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 target price for the company. UBS Group raised their target price on shares of Spotify Technology from $680.00 to $895.00 and gave the company a "buy" rating in a report on Friday, June 27th. Canaccord Genuity Group raised their target price on shares of Spotify Technology from $775.00 to $850.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Finally, The Goldman Sachs Group raised their target price on shares of Spotify Technology from $680.00 to $775.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat, Spotify Technology presently has a consensus rating of "Moderate Buy" and an average target price of $689.10.

Spotify Technology Trading Down 1.0%

NYSE SPOT traded down $6.99 on Wednesday, reaching $702.96. 544,156 shares of the stock were exchanged, compared to its average volume of 2,215,665. Spotify Technology has a one year low of $288.07 and a one year high of $785.00. The firm has a market capitalization of $143.90 billion, a PE ratio of 116.56, a PEG ratio of 1.90 and a beta of 1.68. The company's 50-day simple moving average is $688.46 and its two-hundred day simple moving average is $599.23.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data 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 company 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 7.19% and a return on equity of 22.53%. The company's quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.97 EPS. Sell-side analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Institutional Trading of Spotify Technology

A number of large investors have recently made changes to their positions in SPOT. SeaCrest Wealth Management LLC raised its holdings in shares of Spotify Technology by 3.9% in the second quarter. SeaCrest Wealth Management LLC now owns 2,652 shares of the company's stock valued at $2,035,000 after acquiring an additional 100 shares in the last quarter. Oliver Lagore Vanvalin Investment Group bought a new stake in shares of Spotify Technology in the second quarter valued at about $56,000. Moody National Bank Trust Division raised its holdings in shares of Spotify Technology by 0.5% in the second quarter. Moody National Bank Trust Division now owns 2,931 shares of the company's stock valued at $2,249,000 after acquiring an additional 16 shares in the last quarter. Andrew Hill Investment Advisors Inc. raised its holdings in shares of Spotify Technology by 91.2% in the second quarter. Andrew Hill Investment Advisors Inc. now owns 4,454 shares of the company's stock valued at $3,418,000 after acquiring an additional 2,125 shares in the last quarter. Finally, Longboard Asset Management LP bought a new stake in shares of Spotify Technology in the second quarter valued at about $273,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

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.