Spotify Technology (NYSE:SPOT) Receives $630.28 Average Price Target from Analysts

Spotify Technology (NYSE:SPOTGet Free Report) has been assigned an average rating of “Moderate Buy” from the twenty-nine ratings firms that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, eight have given a hold recommendation, nineteen have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $630.28.

A number of research firms have weighed in on SPOT. China Renaissance began coverage on Spotify Technology in a report on Wednesday, March 26th. They set a “buy” rating and a $740.00 target price for the company. FBN Securities assumed coverage on Spotify Technology in a report on Friday, March 28th. They set a “sector perform” rating and a $645.00 price objective for the company. Wolfe Research raised Spotify Technology from a “peer perform” rating to an “outperform” rating and set a $660.00 price objective for the company in a report on Monday, April 21st. Rosenblatt Securities cut their price objective on Spotify Technology from $658.00 to $657.00 and set a “neutral” rating for the company in a report on Wednesday, April 30th. Finally, Guggenheim reissued a “buy” rating on shares of Spotify Technology in a report on Friday, June 6th.

Read Our Latest Research Report on Spotify Technology

Institutional Trading of Spotify Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Cornerstone Planning Group LLC lifted its position in Spotify Technology by 512.5% in the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company’s stock valued at $29,000 after purchasing an additional 41 shares during the last quarter. Tsfg LLC bought a new stake in Spotify Technology in the first quarter valued at approximately $28,000. North Star Investment Management Corp. lifted its position in Spotify Technology by 52.8% in the first quarter. North Star Investment Management Corp. now owns 55 shares of the company’s stock valued at $30,000 after purchasing an additional 19 shares during the last quarter. Mpwm Advisory Solutions LLC bought a new stake in Spotify Technology in the fourth quarter valued at approximately $26,000. Finally, Hillsdale Investment Management Inc. bought a new stake in Spotify Technology in the fourth quarter valued at approximately $27,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 0.4%

SPOT stock opened at $707.64 on Thursday. The firm has a market capitalization of $144.86 billion, a PE ratio of 117.35, a PEG ratio of 1.85 and a beta of 1.68. Spotify Technology has a twelve month low of $288.07 and a twelve month high of $728.80. The stock has a 50-day simple moving average of $646.29 and a two-hundred day simple moving average of $574.67.

Spotify Technology (NYSE:SPOTGet Free Report) last posted its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). The company had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.22 billion. Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. The firm’s quarterly revenue was up 15.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.97 EPS. On average, equities research analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

About Spotify Technology

(Get Free Report

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.

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Analyst Recommendations for Spotify Technology (NYSE:SPOT)

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