Spotify Technology (NYSE:SPOT) Price Target Raised to $565.00 at Pivotal Research

Spotify Technology (NYSE:SPOT) had its price target upped by Pivotal Research from $510.00 to $565.00 in a research report report published on Wednesday, MarketBeat reports. Pivotal Research currently has a buy rating on the stock.

Other equities analysts have also recently issued research reports about the stock. Evercore ISI boosted their price target on shares of Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Guggenheim increased their target price on Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. KeyCorp lifted their price target on Spotify Technology from $440.00 to $490.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Macquarie increased their price objective on Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Finally, DZ Bank raised Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective for the company in a research report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $421.69.

Spotify Technology Stock Performance

NYSE SPOT opened at $458.32 on Wednesday. The stock has a market cap of $91.23 billion, a P/E ratio of 124.54 and a beta of 1.56. Spotify Technology has a fifty-two week low of $170.62 and a fifty-two week high of $489.69. The stock has a 50 day simple moving average of $378.15 and a two-hundred day simple moving average of $338.24.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The business had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The business’s revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.36 EPS. Sell-side analysts predict that Spotify Technology will post 6.09 earnings per share for the current year.

Institutional Trading of Spotify Technology

A number of institutional investors have recently made changes to their positions in SPOT. Prestige Wealth Management Group LLC bought a new position in Spotify Technology during the third quarter valued at approximately $26,000. Transcendent Capital Group LLC bought a new position in shares of Spotify Technology during the 2nd quarter valued at $25,000. Benjamin Edwards Inc. boosted its stake in shares of Spotify Technology by 214.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after buying an additional 58 shares during the last quarter. Larson Financial Group LLC grew its holdings in shares of Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after acquiring an additional 33 shares during the period. Finally, Mather Group LLC. increased its position in Spotify Technology by 9,900.0% during the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after acquiring an additional 99 shares during the last quarter. Hedge funds and other institutional investors 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.