Spotify Technology (NYSE:SPOT) Given New $750.00 Price Target at Evercore ISI

Spotify Technology (NYSE:SPOT) had its target price upped by Evercore ISI from $650.00 to $750.00 in a research note published on Monday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

SPOT has been the subject of a number of other research reports. Robert W. Baird increased their target price on Spotify Technology from $700.00 to $730.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. Sanford C. Bernstein raised shares of Spotify Technology to a “strong-buy” rating in a report on Tuesday, June 3rd. KeyCorp reduced their target price on Spotify Technology from $675.00 to $625.00 and set an “overweight” rating on the stock in a report on Wednesday, April 9th. Phillip Securities raised shares of Spotify Technology to a “moderate sell” rating in a report on Monday, May 5th. Finally, Rosenblatt Securities dropped their target price on shares of Spotify Technology from $658.00 to $657.00 and set a “neutral” rating on the stock in a report on Wednesday, April 30th. Eight research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $614.59.

Spotify Technology Stock Performance

NYSE:SPOT opened at $715.64 on Monday. The stock has a fifty day moving average price of $634.00 and a two-hundred day moving average price of $569.07. The stock has a market capitalization of $146.50 billion, a price-to-earnings ratio of 120.28 and a beta of 1.68. Spotify Technology has a 1 year low of $288.07 and a 1 year high of $723.70.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). The business had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. Spotify Technology’s quarterly revenue 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. On average, analysts predict that Spotify Technology will post 10.3 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently modified their holdings of the business. Savant Capital LLC raised its stake in shares of Spotify Technology by 9.8% in the fourth quarter. Savant Capital LLC now owns 1,052 shares of the company’s stock worth $470,000 after purchasing an additional 94 shares during the last quarter. V Square Quantitative Management LLC grew its position in shares of Spotify Technology by 46.8% during the 4th quarter. V Square Quantitative Management LLC now owns 160 shares of the company’s stock valued at $71,000 after acquiring an additional 51 shares during the period. Nations Financial Group Inc. IA ADV bought a new position in Spotify Technology during the fourth quarter valued at $438,000. Principal Securities Inc. increased its holdings in Spotify Technology by 45.9% in the 4th quarter. Principal Securities Inc. now owns 1,227 shares of the company’s stock worth $549,000 after acquiring an additional 386 shares during the last quarter. Finally, Allworth Financial LP raised its position in shares of Spotify Technology by 134.0% in the fourth quarter. Allworth Financial LP now owns 372 shares of the company’s stock valued at $184,000 after purchasing an additional 213 shares during the period. 84.09% of the stock is currently owned by 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.