Guggenheim Boosts Spotify Technology (NYSE:SPOT) Price Target to $840.00

Spotify Technology (NYSE:SPOTFree Report) had its price objective lifted by Guggenheim from $725.00 to $840.00 in a research report report published on Wednesday,Benzinga reports. Guggenheim currently has a buy rating on the stock.

Other research analysts have also issued reports about the company. Wells Fargo & Company raised their target price on Spotify Technology from $690.00 to $740.00 and gave the stock an “overweight” rating in a research report on Friday, March 28th. Sanford C. Bernstein raised Spotify Technology to a “strong-buy” rating in a research report on Tuesday, June 3rd. Robert W. Baird raised their target price on Spotify Technology from $700.00 to $730.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. DZ Bank lowered Spotify Technology from a “strong-buy” rating to a “strong sell” rating in a research report on Friday, June 13th. Finally, UBS Group reissued an “overweight” rating on shares of Spotify Technology in a research report on Friday, June 6th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $634.24.

Read Our Latest Analysis on SPOT

Spotify Technology Stock Down 1.9%

Shares of NYSE:SPOT opened at $735.99 on Wednesday. The firm has a market cap of $150.66 billion, a P/E ratio of 122.05, a P/E/G ratio of 1.96 and a beta of 1.68. Spotify Technology has a 12-month low of $288.07 and a 12-month high of $759.17. The business has a fifty day simple moving average of $657.02 and a 200 day simple moving average of $579.16.

Spotify Technology (NYSE:SPOTGet Free Report) last announced its 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). The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The firm’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.97 earnings per share. As a group, equities research analysts expect that Spotify Technology will post 10.3 EPS for the current year.

Institutional Trading of Spotify Technology

Several large investors have recently made changes to their positions in the company. Swedbank AB grew its stake in shares of Spotify Technology by 1.4% in the 1st quarter. Swedbank AB now owns 959,587 shares of the company’s stock valued at $527,802,000 after buying an additional 13,458 shares during the period. Kondo Wealth Advisors Inc. acquired a new position in Spotify Technology during the 1st quarter valued at about $205,000. Cim LLC boosted its stake in Spotify Technology by 404.9% during the 1st quarter. Cim LLC now owns 22,353 shares of the company’s stock valued at $12,295,000 after purchasing an additional 17,926 shares during the last quarter. Anderson Financial Strategies LLC acquired a new position in Spotify Technology during the 1st quarter valued at about $600,000. Finally, Strs Ohio acquired a new position in Spotify Technology during the 1st quarter valued at about $19,127,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.

Further Reading

Analyst Recommendations for Spotify Technology (NYSE:SPOT)

Receive News & Ratings for Spotify Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spotify Technology and related companies with MarketBeat.com's FREE daily email newsletter.