Spotify Technology (NYSE:SPOT) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Spotify Technology (NYSE:SPOT) had its target price lifted by stock analysts at Canaccord Genuity Group from $775.00 to $850.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 17.41% from the company’s previous close.

Several other research analysts have also recently issued reports on SPOT. Robert W. Baird raised their target price on shares of Spotify Technology from $700.00 to $730.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. JPMorgan Chase & Co. lifted their price objective on Spotify Technology from $670.00 to $730.00 and gave the company an “overweight” rating in a research note on Wednesday, June 4th. FBN Securities initiated coverage on Spotify Technology in a research note on Friday, March 28th. They issued a “sector perform” rating and a $645.00 target price on the stock. Cantor Fitzgerald boosted their price target on Spotify Technology from $610.00 to $640.00 and gave the company a “neutral” rating in a report on Wednesday, June 18th. Finally, DZ Bank cut shares of Spotify Technology from a “strong-buy” rating to a “strong sell” rating in a research note on Friday, June 13th. One equities 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $660.28.

Spotify Technology Stock Up 2.0%

Shares of NYSE:SPOT opened at $723.98 on Wednesday. Spotify Technology has a 52-week low of $288.07 and a 52-week high of $785.00. The stock has a market cap of $148.20 billion, a price-to-earnings ratio of 120.06, a PEG ratio of 1.87 and a beta of 1.68. The business has a 50-day moving average price of $676.45 and a 200-day moving average price of $590.13.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $4.22 billion. During the same quarter last year, the company posted $0.97 EPS. Spotify Technology’s quarterly revenue was up 15.2% compared to the same quarter last year. As a group, equities analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GQG Partners LLC purchased a new stake in shares of Spotify Technology during the fourth quarter worth approximately $800,725,000. Goldman Sachs Group Inc. lifted its position in shares of Spotify Technology by 1,151.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company’s stock worth $957,494,000 after purchasing an additional 1,601,653 shares during the last quarter. Jennison Associates LLC grew its stake 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 worth $2,336,494,000 after purchasing an additional 1,262,614 shares in the last quarter. Geode Capital Management LLC increased its holdings in Spotify Technology by 561.6% in the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock valued at $659,841,000 after buying an additional 1,259,183 shares during the last quarter. Finally, Norges Bank acquired a new stake in Spotify Technology in the fourth quarter valued at $396,028,000. 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.