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

Spotify Technology (NYSE:SPOT) had its price objective increased by equities researchers at Pivotal Research from $800.00 to $900.00 in a research report issued on Tuesday, Marketbeat Ratings reports. The firm presently has a “buy” rating on the stock. Pivotal Research’s price target would indicate a potential upside of 26.63% from the stock’s current price.

A number of other analysts have also weighed in on SPOT. Canaccord Genuity Group restated a “buy” rating on shares of Spotify Technology in a research note on Friday, June 6th. Evercore ISI boosted their price objective on shares of Spotify Technology from $650.00 to $750.00 and gave the stock an “outperform” rating in a report on Monday. FBN Securities began coverage on Spotify Technology in a research note on Friday, March 28th. They set a “sector perform” rating and a $645.00 target price on the stock. Robert W. Baird lifted their target price on Spotify Technology from $700.00 to $730.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Finally, Wolfe Research upgraded Spotify Technology from a “peer perform” rating to an “outperform” rating and set a $660.00 price target for the company in a research note on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $630.28.

Spotify Technology Stock Down 1.5%

Shares of SPOT opened at $710.76 on Tuesday. The stock has a market cap of $145.50 billion, a P/E ratio of 117.87, a P/E/G ratio of 1.89 and a beta of 1.68. The business’s 50 day moving average price is $639.86 and its 200-day moving average price is $571.10. Spotify Technology has a 52 week low of $288.07 and a 52 week high of $728.80.

Spotify Technology (NYSE:SPOT) last released 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). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same period last year, the firm posted $0.97 earnings per share. The company’s revenue was up 15.2% compared to the same quarter last year. On average, equities analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

Institutional Investors Weigh In On Spotify Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. GQG Partners LLC purchased a new position in shares of Spotify Technology in the fourth quarter worth $800,725,000. Goldman Sachs Group Inc. increased its holdings 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 last quarter. Jennison Associates LLC lifted its stake in Spotify Technology by 42.3% in the 1st quarter. Jennison Associates LLC now owns 4,247,940 shares of the company’s stock worth $2,336,494,000 after purchasing an additional 1,262,614 shares in the last quarter. Geode Capital Management LLC boosted its holdings 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 valued at $659,841,000 after purchasing an additional 1,259,183 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Spotify Technology during the fourth quarter valued at about $396,028,000. 84.09% of the stock is owned by 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.