Spotify Technology (NYSE:SPOT) Price Target Raised to $730.00

Spotify Technology (NYSE:SPOT) had its target price lifted by Robert W. Baird from $700.00 to $730.00 in a report released on Thursday morning,Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

SPOT has been the topic of several other reports. Benchmark lifted their price target on Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Macquarie boosted their target price on shares of Spotify Technology from $600.00 to $665.00 and gave the company an “outperform” rating in a report on Friday, April 25th. FBN Securities initiated coverage on shares of Spotify Technology in a research note on Friday, March 28th. They issued a “sector perform” rating and a $645.00 price target for the company. UBS Group dropped their price objective on shares of Spotify Technology from $690.00 to $680.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. Finally, The Goldman Sachs Group raised their target price on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Eight investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $604.76.

Spotify Technology Stock Up 6.7 %

Shares of SPOT stock opened at $642.77 on Thursday. The firm has a market capitalization of $131.58 billion, a price-to-earnings ratio of 108.03 and a beta of 1.72. The stock has a fifty day moving average of $570.40 and a 200 day moving average of $515.58. Spotify Technology has a 52 week low of $286.21 and a 52 week high of $653.32.

Spotify Technology (NYSE:SPOT) last posted 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 25.56% and a net margin of 7.26%. The company had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.22 billion. During the same period in the prior year, the business posted $0.97 earnings per share. The company’s revenue for the quarter was up 15.2% on a year-over-year basis. Equities research analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current year.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Virtu Financial LLC bought a new stake in shares of Spotify Technology in the 3rd quarter valued at approximately $1,782,000. Wilmington Savings Fund Society FSB purchased a new stake in Spotify Technology during the 3rd quarter valued at $1,477,000. Franklin Resources Inc. lifted its position in Spotify Technology by 2.6% in the third quarter. Franklin Resources Inc. now owns 641,720 shares of the company’s stock worth $239,041,000 after buying an additional 16,511 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its stake in Spotify Technology by 40.8% during the third quarter. B. Riley Wealth Advisors Inc. now owns 1,933 shares of the company’s stock worth $716,000 after buying an additional 560 shares during the period. Finally, Principal Financial Group Inc. increased its position in Spotify Technology by 11.8% during the third quarter. Principal Financial Group Inc. now owns 39,578 shares of the company’s stock valued at $14,586,000 after acquiring an additional 4,192 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

About Spotify Technology

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.