Spotify Technology (NYSE:SPOT – Get Free Report) had its target price raised by JPMorgan Chase & Co. from $190.00 to $205.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 29.43% from the stock’s current price.
SPOT has been the topic of a number of other reports. Barclays boosted their target price on Spotify Technology from $182.00 to $186.00 and gave the stock an “overweight” rating in a research report on Wednesday. Pivotal Research cut their target price on Spotify Technology from $145.00 to $140.00 in a research report on Wednesday, July 26th. Wells Fargo & Company lifted their price target on Spotify Technology from $180.00 to $250.00 and gave the company an “overweight” rating in a report on Friday, July 14th. Monness Crespi & Hardt downgraded Spotify Technology from a “buy” rating to a “neutral” rating in a research note on Thursday, September 28th. Finally, Deutsche Bank Aktiengesellschaft upgraded Spotify Technology from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a report on Wednesday, July 26th. Seven research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $168.32.
Read Our Latest Research Report on Spotify Technology
Spotify Technology Stock Down 2.1 %
Shares of NYSE SPOT opened at $158.39 on Wednesday. Spotify Technology has a fifty-two week low of $69.29 and a fifty-two week high of $182.00. The firm’s 50-day simple moving average is $153.51 and its 200 day simple moving average is $150.39. The stock has a market cap of $30.84 billion, a P/E ratio of -39.60 and a beta of 1.70.
Spotify Technology (NYSE:SPOT – Get Free Report) last announced its earnings results on Tuesday, October 24th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.56. Spotify Technology had a negative return on equity of 31.93% and a negative net margin of 5.70%. The business had revenue of $3.65 billion during the quarter, compared to analysts’ expectations of $3.62 billion. On average, sell-side analysts anticipate that Spotify Technology will post -3.09 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Spotify Technology
A number of hedge funds have recently made changes to their positions in SPOT. SRS Investment Management LLC acquired a new position in shares of Spotify Technology in the 1st quarter valued at $294,683,000. Acadian Asset Management LLC raised its stake in shares of Spotify Technology by 55,455.8% in the 2nd quarter. Acadian Asset Management LLC now owns 1,719,453 shares of the company’s stock valued at $276,015,000 after buying an additional 1,716,358 shares in the last quarter. Norges Bank acquired a new position in shares of Spotify Technology in the 4th quarter valued at $123,027,000. Wellington Management Group LLP raised its stake in shares of Spotify Technology by 140.8% in the 1st quarter. Wellington Management Group LLP now owns 1,694,044 shares of the company’s stock valued at $226,358,000 after buying an additional 990,485 shares in the last quarter. Finally, Technology Crossover Management XI Ltd. acquired a new position in shares of Spotify Technology in the 1st quarter valued at $127,271,000. Institutional investors and hedge funds own 56.89% of the company’s stock.
Spotify Technology Company Profile
Spotify Technology SA, together with its subsidiaries, provides audio streaming 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.
Read More
Receive News & Ratings for Spotify Technology Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Spotify Technology and related companies with MarketBeat.com’s FREE daily email newsletter.