Loop Capital Forecasts Strong Price Appreciation for Spotify Technology (NYSE:SPOT) Stock

Spotify Technology (NYSE:SPOT) had its price objective lifted by research analysts at Loop Capital from $435.00 to $550.00 in a report released on Friday,Benzinga reports. The firm presently has a “hold” rating on the stock. Loop Capital’s price target points to a potential downside of 14.43% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. Barclays decreased their price objective on Spotify Technology from $710.00 to $650.00 and set an “overweight” rating on the stock in a report on Wednesday. Redburn Atlantic started coverage on Spotify Technology in a report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 target price on the stock. Canaccord Genuity Group boosted their price target on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Guggenheim restated a “buy” rating and issued a $675.00 price objective on shares of Spotify Technology in a report on Monday, February 24th. Finally, FBN Securities assumed coverage on Spotify Technology in a report on Friday, March 28th. They set a “sector perform” rating and a $645.00 target price for the company. Eight analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $604.76.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $642.77 on Friday. The stock has a fifty day moving average price of $570.40 and a 200 day moving average price of $515.58. The stock has a market cap of $131.58 billion, a PE ratio of 108.03 and a beta of 1.72. Spotify Technology has a 1 year low of $286.21 and a 1 year high of $653.32.

Spotify Technology (NYSE:SPOT) last issued 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). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. The company’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.97 earnings per share. As a group, equities research analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Mpwm Advisory Solutions LLC bought a new position in shares of Spotify Technology during the fourth quarter worth about $26,000. Hillsdale Investment Management Inc. bought a new position in Spotify Technology in the 4th quarter worth about $27,000. Tsfg LLC acquired a new stake in shares of Spotify Technology in the first quarter valued at approximately $28,000. Copia Wealth Management bought a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $29,000. Finally, Cornerstone Planning Group LLC boosted its position in shares of Spotify Technology by 512.5% during the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company’s stock worth $29,000 after buying an additional 41 shares during the period. 84.09% of the stock is currently 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.