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

Spotify Technology (NYSE:SPOT) had its price objective increased by equities research analysts at Benchmark from $700.00 to $840.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s price objective indicates a potential upside of 18.51% from the company’s current price.

SPOT has been the topic of a number of other reports. Macquarie lifted their price objective on Spotify Technology from $600.00 to $665.00 and gave the company an “outperform” rating in a report on Friday, April 25th. UBS Group raised their target price on Spotify Technology from $680.00 to $895.00 and gave the stock a “buy” rating in a research report on Friday, June 27th. KeyCorp cut their target price 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. Evercore ISI increased their price objective on Spotify Technology from $650.00 to $750.00 and gave the stock an “outperform” rating in a research note on Monday, June 16th. Finally, Sanford C. Bernstein increased their price objective on Spotify Technology from $825.00 to $840.00 and gave the stock an “outperform” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average target price of $701.31.

Spotify Technology Trading Down 0.2%

Shares of NYSE:SPOT opened at $708.82 on Thursday. Spotify Technology has a 1-year low of $288.07 and a 1-year high of $785.00. The firm has a market capitalization of $145.10 billion, a PE ratio of 117.55, a PEG ratio of 1.87 and a beta of 1.68. The business’s 50 day moving average is $689.79 and its 200-day moving average is $600.93.

Spotify Technology (NYSE:SPOT) last issued 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). The firm had revenue of $4.41 billion during 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% compared to the same quarter last year. During the same period last year, the business earned $0.97 earnings per share. On average, sell-side analysts predict that Spotify Technology will post 10.3 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

Hedge funds and other institutional investors have recently bought and sold shares of the business. Mpwm Advisory Solutions LLC bought a new stake in Spotify Technology in the fourth quarter valued at about $26,000. Hillsdale Investment Management Inc. acquired a new position in shares of Spotify Technology during the 4th quarter worth about $27,000. Tsfg LLC acquired a new position in shares of Spotify Technology during the 1st quarter worth about $28,000. Copia Wealth Management acquired a new position in shares of Spotify Technology during the 4th quarter worth about $29,000. Finally, Cornerstone Planning Group LLC boosted its stake in Spotify Technology by 512.5% during the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company’s stock worth $29,000 after acquiring an additional 41 shares during the last quarter. 84.09% of the stock is 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.