Spotify Technology (NYSE:SPOT) Price Target Raised to $400.00

Spotify Technology (NYSE:SPOT) had its price objective hoisted by equities research analysts at Canaccord Genuity from $375.00 to $400.00 in a research report issued to clients and investors on Tuesday, Price Targets.com reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity’s price target indicates a potential upside of 21.03% from the company’s previous close.

Other equities analysts also recently issued research reports about the company. Citigroup reiterated a “sell” rating and set a $310.00 price target (up previously from $270.00) on shares of Spotify Technology in a research note on Friday, January 15th. Rosenblatt Securities boosted their price target on shares of Spotify Technology from $390.00 to $425.00 and gave the company a “buy” rating in a research report on Tuesday. Nordea Equity Research lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a research report on Wednesday, January 27th. Morgan Stanley boosted their price target on shares of Spotify Technology from $300.00 to $350.00 and gave the stock an “overweight” rating in a research note on Thursday, December 17th. Finally, Wells Fargo & Company lowered their price objective on shares of Spotify Technology from $215.00 to $200.00 and set an “underweight” rating for the company in a research note on Monday, November 2nd. Seven analysts have rated the stock with a sell rating, twelve have given a hold rating and twelve have assigned a buy rating to the stock. Spotify Technology presently has a consensus rating of “Hold” and an average price target of $294.12.

NYSE:SPOT traded down $19.42 on Tuesday, hitting $330.49. The company’s stock had a trading volume of 178,238 shares, compared to its average volume of 1,654,596. Spotify Technology has a one year low of $109.18 and a one year high of $387.44. The stock has a fifty day moving average of $334.09 and a two-hundred day moving average of $287.67. The firm has a market capitalization of $59.24 billion, a P/E ratio of -75.98 and a beta of 1.64.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Wednesday, February 3rd. The company reported ($0.66) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.76) by $0.10. The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.15 billion. Spotify Technology had a negative return on equity of 30.46% and a negative net margin of 8.73%. Spotify Technology’s revenue was up 16.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.14) EPS. On average, equities research analysts anticipate that Spotify Technology will post -3.71 EPS for the current fiscal year.

Several institutional investors have recently bought and sold shares of the stock. Institutional & Family Asset Management LLC raised its position in shares of Spotify Technology by 131.1% during the third quarter. Institutional & Family Asset Management LLC now owns 104 shares of the company’s stock worth $25,000 after acquiring an additional 59 shares during the last quarter. Neo Ivy Capital Management bought a new stake in Spotify Technology during the third quarter worth about $25,000. Arlington Partners LLC bought a new stake in Spotify Technology in the fourth quarter valued at approximately $34,000. IFP Advisors Inc grew its position in shares of Spotify Technology by 113.2% in the third quarter. IFP Advisors Inc now owns 113 shares of the company’s stock valued at $26,000 after purchasing an additional 60 shares during the last quarter. Finally, Benjamin Edwards Inc. grew its position in shares of Spotify Technology by 142.6% in the third quarter. Benjamin Edwards Inc. now owns 114 shares of the company’s stock valued at $28,000 after purchasing an additional 67 shares during the last quarter. Institutional investors and hedge funds own 55.93% of the company’s stock.

Spotify Technology Company Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming services in the United States, the United Kingdom, Luxembourg, and internationally. It operates through two segments, Premium and Ad-Supported. The company offers unlimited online and offline high-quality streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.

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Analyst Recommendations for Spotify Technology (NYSE:SPOT)

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