Spotify Technology (NYSE:SPOT) Price Target Raised to $850.00

Spotify Technology (NYSE:SPOT) had its price objective hoisted by Morgan Stanley from $700.00 to $850.00 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other equities research analysts have also commented on SPOT. UBS Group increased their price objective on shares of Spotify Technology from $680.00 to $895.00 and gave the stock a “buy” rating in a report on Friday, June 27th. Rosenblatt Securities reduced their target price on shares of Spotify Technology from $658.00 to $657.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 30th. Macquarie raised their target price on shares of Spotify Technology from $600.00 to $665.00 and gave the company an “outperform” rating in a research note on Friday, April 25th. China Renaissance initiated coverage on shares of Spotify Technology in a research note on Wednesday, March 26th. They issued a “buy” rating and a $740.00 target price on the stock. Finally, Cantor Fitzgerald raised their target price on shares of Spotify Technology from $610.00 to $640.00 and gave the company a “neutral” rating in a research note on Wednesday, June 18th. One investment 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’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $701.31.

Spotify Technology Stock Performance

SPOT opened at $708.82 on Thursday. The firm’s 50-day simple moving average is $689.79 and its 200-day simple moving average is $601.90. Spotify Technology has a twelve month low of $288.07 and a twelve month high of $785.00. The firm has a market cap of $145.10 billion, a price-to-earnings ratio of 117.55, a PEG ratio of 1.87 and a beta of 1.68.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $4.22 billion. During the same period in the prior year, the company earned $0.97 EPS. The firm’s revenue was up 15.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Several hedge funds have recently made changes to their positions in the business. Cornerstone Planning Group LLC grew its stake in shares of Spotify Technology by 512.5% in the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company’s stock valued at $29,000 after buying an additional 41 shares in the last quarter. Tsfg LLC bought a new position in Spotify Technology during the first quarter worth $28,000. North Star Investment Management Corp. boosted its position in Spotify Technology by 52.8% during the first quarter. North Star Investment Management Corp. now owns 55 shares of the company’s stock worth $30,000 after purchasing an additional 19 shares during the period. Mpwm Advisory Solutions LLC bought a new position in Spotify Technology during the fourth quarter worth $26,000. Finally, Hillsdale Investment Management Inc. acquired a new stake in Spotify Technology in the 4th quarter worth about $27,000. 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.