Morgan Stanley Increases Spotify Technology (NYSE:SPOT) Price Target to $460.00

Spotify Technology (NYSE:SPOT) had its price objective raised by Morgan Stanley from $430.00 to $460.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other analysts have also issued reports about the stock. Wells Fargo & Company lifted their price target on shares of Spotify Technology from $420.00 to $470.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Guggenheim lifted their price target on shares of Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. JPMorgan Chase & Co. lifted their price target on shares of Spotify Technology from $375.00 to $425.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Macquarie lifted their price target on shares of Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Finally, TD Cowen lifted their price target on shares of Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $421.69.

Spotify Technology Stock Down 4.0 %

Shares of Spotify Technology stock opened at $458.32 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a market capitalization of $91.23 billion, a PE ratio of 124.54 and a beta of 1.56. Spotify Technology has a 52-week low of $170.62 and a 52-week high of $489.69. The company has a 50-day simple moving average of $378.15 and a two-hundred day simple moving average of $337.83.

Spotify Technology (NYSE:SPOT) last issued 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 firm 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 20.99% and a net margin of 4.66%. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period last year, the firm posted $0.36 earnings per share. On average, analysts anticipate that Spotify Technology will post 6.19 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Hedge funds have recently modified their holdings of the stock. Aigen Investment Management LP lifted its holdings in shares of Spotify Technology by 42.4% in the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock worth $3,612,000 after buying an additional 2,918 shares in the last quarter. Pathway Capital Management LP raised its stake in Spotify Technology by 23.8% during the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock valued at $21,132,000 after purchasing an additional 11,042 shares in the last quarter. Perpetual Ltd raised its stake in Spotify Technology by 24.3% during the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after purchasing an additional 148,431 shares in the last quarter. Jag Capital Management LLC purchased a new stake in Spotify Technology during the third quarter valued at $13,569,000. Finally, Northeast Investment Management raised its stake in Spotify Technology by 67.6% during the third quarter. Northeast Investment Management now owns 12,991 shares of the company’s stock valued at $4,788,000 after purchasing an additional 5,240 shares in the last quarter. Hedge funds and other institutional investors 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.