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

Spotify Technology (NYSE:SPOT - Get Free Report) had its target price upped by research analysts at 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 target would suggest a potential upside of 12.86% from the stock's current price.

Several other analysts also recently issued reports on SPOT. Guggenheim upped their price target on shares of Spotify Technology from $725.00 to $840.00 and gave the company a "buy" rating in a report on Wednesday, June 25th. Canaccord Genuity Group upped their price target 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. Pivotal Research upped their price target on shares of Spotify Technology from $800.00 to $900.00 and gave the company a "buy" rating in a report on Tuesday, June 17th. Evercore ISI upped their price objective on shares of Spotify Technology from $650.00 to $750.00 and gave the company an "outperform" rating in a research note on Monday, June 16th. Finally, DZ Bank downgraded shares of Spotify Technology from a "strong-buy" rating to a "strong sell" rating in a research note on Friday, June 13th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $690.77.

Spotify Technology Price Performance

Shares of NYSE SPOT traded down $1.13 on Wednesday, hitting $708.82. The company's stock had a trading volume of 1,267,406 shares, compared to its average volume of 2,218,133. Spotify Technology has a 12-month low of $288.07 and a 12-month high of $785.00. The company has a market capitalization of $145.10 billion, a price-to-earnings ratio of 117.55, a price-to-earnings-growth ratio of 1.87 and a beta of 1.68. The stock has a 50 day moving average of $689.79 and a 200-day moving average of $600.93.

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). Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The business had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. During the same period last year, the company earned $0.97 EPS. The firm's revenue for the quarter was up 15.2% on a year-over-year basis. Sell-side analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

A number of large investors have recently bought and sold shares of SPOT. Mpwm Advisory Solutions LLC acquired a new stake in shares of Spotify Technology in the fourth quarter worth $26,000. Hillsdale Investment Management Inc. acquired a new stake in shares of Spotify Technology in the fourth quarter worth $27,000. Tsfg LLC acquired a new stake in shares of Spotify Technology in the first quarter worth $28,000. Copia Wealth Management acquired a new stake in shares of Spotify Technology in the fourth quarter worth $29,000. Finally, Cornerstone Planning Group LLC increased its position in shares of Spotify Technology by 512.5% in the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock worth $29,000 after acquiring an additional 41 shares in the last quarter. Hedge funds and other institutional investors 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.