Spotify Technology (NYSE:SPOT) Price Target Raised to $900.00 at Pivotal Research

Spotify Technology (NYSE:SPOT) had its price target increased by Pivotal Research from $800.00 to $900.00 in a research note issued to investors on Tuesday, Marketbeat reports. They currently have a buy rating on the stock.

Other equities research analysts have also issued research reports about the stock. Cantor Fitzgerald dropped their price objective on shares of Spotify Technology from $600.00 to $520.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. China Renaissance assumed coverage on shares of Spotify Technology in a research note on Wednesday, March 26th. They issued a “buy” rating and a $740.00 price target for the company. Rosenblatt Securities reduced their price target on shares of Spotify Technology from $658.00 to $657.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 30th. KeyCorp lowered their price objective on Spotify Technology from $675.00 to $625.00 and set an “overweight” rating for the company in a research report on Wednesday, April 9th. Finally, Wells Fargo & Company lifted their target price on Spotify Technology from $690.00 to $740.00 and gave the company an “overweight” rating in a research report on Friday, March 28th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $626.14.

Spotify Technology Trading Up 0.8%

NYSE:SPOT opened at $721.44 on Tuesday. The company has a market cap of $147.69 billion, a P/E ratio of 119.64, a P/E/G ratio of 1.75 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 company’s 50-day moving average price is $637.04 and its 200-day moving average price is $570.13.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same quarter in the prior year, the firm earned $0.97 earnings per share. The company’s revenue for the quarter was up 15.2% on a year-over-year basis. On average, analysts expect 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 modified their holdings of SPOT. Cornerstone Planning Group LLC increased its holdings in shares of Spotify Technology by 512.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company’s stock valued at $29,000 after acquiring an additional 41 shares during the last quarter. Tsfg LLC acquired a new position in Spotify Technology in the first quarter valued at approximately $28,000. North Star Investment Management Corp. increased its stake 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 acquired a new stake in Spotify Technology during the fourth quarter worth approximately $26,000. Finally, Hillsdale Investment Management Inc. purchased a new stake in shares of Spotify Technology during the 4th quarter worth approximately $27,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

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.