Guggenheim Forecasts Strong Price Appreciation for Spotify Technology (NYSE:SPOT) Stock

Spotify Technology (NYSE:SPOT) had its target price upped by investment analysts at Guggenheim from $725.00 to $840.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Guggenheim’s price objective indicates a potential upside of 8.27% from the company’s previous close.

Several other research firms have also recently issued reports on SPOT. Rosenblatt Securities cut their price target on shares of Spotify Technology from $658.00 to $657.00 and set a “neutral” rating on the stock in a report on Wednesday, April 30th. Macquarie lifted their price target on Spotify Technology from $600.00 to $665.00 and gave the stock an “outperform” rating in a research note on Friday, April 25th. KeyCorp reduced their target price on Spotify Technology from $675.00 to $625.00 and set an “overweight” rating on the stock in a report on Wednesday, April 9th. FBN Securities started coverage on Spotify Technology in a research report on Friday, March 28th. They issued a “sector perform” rating and a $645.00 target price for the company. Finally, China Renaissance began coverage on Spotify Technology in a research report on Wednesday, March 26th. They set a “buy” rating and a $740.00 price target on the stock. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $647.52.

Spotify Technology Trading Up 5.4%

SPOT opened at $775.84 on Wednesday. Spotify Technology has a twelve month low of $288.07 and a twelve month high of $777.39. The firm has a market cap of $158.82 billion, a price-to-earnings ratio of 128.66, a PEG ratio of 1.93 and a beta of 1.68. The company has a fifty day simple moving average of $661.04 and a 200 day simple moving average of $581.19.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (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 business had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.22 billion. During the same period in the previous year, the firm posted $0.97 earnings per share. The firm’s revenue was up 15.2% compared to the same quarter last year. On average, analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Institutional Trading of Spotify Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. Jennison Associates LLC raised its holdings in shares of Spotify Technology by 42.3% during the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company’s stock valued at $2,336,494,000 after acquiring an additional 1,262,614 shares during the period. Massachusetts Financial Services Co. MA grew its position in Spotify Technology by 3.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company’s stock worth $1,939,949,000 after purchasing an additional 112,553 shares in the last quarter. FMR LLC raised its stake in Spotify Technology by 30.2% during the 4th quarter. FMR LLC now owns 2,041,387 shares of the company’s stock valued at $913,276,000 after purchasing an additional 473,569 shares during the period. Schroder Investment Management Group raised its stake in Spotify Technology by 0.4% during the 4th quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company’s stock valued at $855,810,000 after purchasing an additional 7,075 shares during the period. Finally, GQG Partners LLC purchased a new stake in shares of Spotify Technology in the fourth quarter valued at $800,725,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

About Spotify Technology

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.