Spotify Technology (NYSE:SPOT) Price Target Raised to $825.00 at Oppenheimer

Spotify Technology (NYSE:SPOT) had its target price raised by Oppenheimer from $750.00 to $825.00 in a research report sent to investors on Monday,Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

SPOT has been the topic of several other research reports. Bank of America raised their price target on shares of Spotify Technology from $700.00 to $900.00 and gave the company a “buy” rating in a research report on Thursday, June 26th. Cantor Fitzgerald raised their price target on shares of Spotify Technology from $610.00 to $640.00 and gave the company a “neutral” rating in a research report on Wednesday, June 18th. Canaccord Genuity Group raised their price target on shares of Spotify Technology from $775.00 to $850.00 and gave the company a “buy” rating in a research report on Wednesday, July 2nd. Wolfe Research upgraded shares of Spotify Technology from a “peer perform” rating to an “outperform” rating and set a $660.00 price target on the stock in a research report on Monday, April 21st. Finally, Rosenblatt Securities dropped their price target on shares of Spotify Technology from $703.00 to $679.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 30th. Ten investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $720.07.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $728.06 on Monday. The firm has a fifty day moving average price of $703.85 and a 200 day moving average price of $639.09. Spotify Technology has a 1 year low of $319.07 and a 1 year high of $785.00. The stock has a market cap of $149.04 billion, a PE ratio of 176.71, a price-to-earnings-growth ratio of 3.17 and a beta of 1.69.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, July 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of $2.00 by ($2.42). Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The business had revenue of $4.94 billion for the quarter, compared to analysts’ expectations of $4.29 billion. During the same period last year, the business earned $1.33 EPS. The company’s revenue for the quarter was up 10.1% on a year-over-year basis. As a group, equities analysts expect 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 modified their holdings of the business. Mpwm Advisory Solutions LLC acquired a new stake in Spotify Technology during the fourth quarter worth about $26,000. Knuff & Co LLC acquired a new stake in Spotify Technology during the second quarter worth about $27,000. Tsfg LLC acquired a new stake in Spotify Technology during the first quarter worth about $28,000. Copia Wealth Management acquired a new stake in Spotify Technology during the fourth quarter worth about $29,000. Finally, Cornerstone Planning Group LLC increased its position in Spotify Technology by 512.5% during the first quarter. Cornerstone Planning Group LLC now owns 49 shares of the company’s stock worth $29,000 after purchasing an additional 41 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other 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.