Spotify Technology (NYSE:SPOT) Given New $700.00 Price Target at Canaccord Genuity Group

Spotify Technology (NYSE:SPOT) had its price objective boosted by Canaccord Genuity Group from $650.00 to $700.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

SPOT has been the topic of a number of other research reports. Barclays increased their target price on Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group raised their price objective on Spotify Technology from $490.00 to $550.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Guggenheim upped their target price on Spotify Technology from $520.00 to $675.00 and gave the stock a “buy” rating in a research note on Wednesday. Macquarie lifted their price target on shares of Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and issued a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a research note on Wednesday. One analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average price target of $509.61.

Spotify Technology Stock Up 0.5 %

NYSE:SPOT opened at $625.04 on Wednesday. The stock has a market cap of $124.41 billion, a P/E ratio of 169.85 and a beta of 1.63. The business’s 50-day moving average price is $485.02 and its two-hundred day moving average price is $409.38. Spotify Technology has a twelve month low of $227.52 and a twelve month high of $630.77.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). The company had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.36 earnings per share. On average, equities research analysts expect that Spotify Technology will post 5.91 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Prestige Wealth Management Group LLC bought a new stake in shares of Spotify Technology during the third quarter valued at approximately $26,000. Hobbs Group Advisors LLC bought a new stake in shares of Spotify Technology during the 3rd quarter valued at $33,000. Larson Financial Group LLC grew its position in shares of Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after buying an additional 33 shares during the period. V Square Quantitative Management LLC bought a new position in shares of Spotify Technology in the 3rd quarter worth about $40,000. Finally, Rakuten Securities Inc. lifted its position in Spotify Technology by 40.5% during the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after acquiring an additional 32 shares during the period. 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.