Spotify Technology (NYSE:SPOT) Price Target Lowered to $800.00 at Benchmark

Spotify Technology (NYSE:SPOT) had its target price cut by Benchmark from $840.00 to $800.00 in a research note published on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

SPOT has been the subject of several other reports. Pivotal Research boosted their target price on Spotify Technology from $800.00 to $900.00 and gave the stock a “buy” rating in a research note on Tuesday, June 17th. Guggenheim upped their price objective on Spotify Technology from $725.00 to $840.00 and gave the stock a “buy” rating in a research report on Wednesday, June 25th. Morgan Stanley upped their price objective on Spotify Technology from $700.00 to $850.00 and gave the stock an “overweight” rating in a research report on Thursday, July 10th. KeyCorp upped their price objective on Spotify Technology from $640.00 to $860.00 and gave the stock an “overweight” rating in a research report on Friday, July 11th. Finally, Oppenheimer raised Spotify Technology from a “market perform” rating to an “outperform” rating and set a $800.00 price objective for the company in a research report on Thursday, July 24th. Nine research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $718.90.

Spotify Technology Trading Up 4.8%

SPOT stock opened at $649.57 on Wednesday. The company has a market capitalization of $132.97 billion, a PE ratio of 157.66, a P/E/G ratio of 1.67 and a beta of 1.68. Spotify Technology has a 12-month low of $300.57 and a 12-month high of $785.00. The business’s fifty day moving average price is $701.48 and its 200 day moving average price is $621.28.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a return on equity of 14.62% and a net margin of 4.76%. The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same period in the previous year, the firm earned $0.97 earnings per share. The company’s revenue for the quarter was up 15.2% compared to the same quarter last year. Research analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

A number of large investors have recently modified their holdings of the business. Jennison Associates LLC raised its stake in shares of Spotify Technology by 42.3% during the 1st quarter. Jennison Associates LLC now owns 4,247,940 shares of the company’s stock worth $2,336,494,000 after buying an additional 1,262,614 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of 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 buying an additional 112,553 shares in the last quarter. FMR LLC raised its stake in shares of Spotify Technology by 30.2% during the 4th quarter. FMR LLC now owns 2,041,387 shares of the company’s stock worth $913,276,000 after buying an additional 473,569 shares in the last quarter. Goldman Sachs Group Inc. raised its stake 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 buying an additional 1,601,653 shares in the last quarter. Finally, Northern Trust Corp raised its stake in shares of Spotify Technology by 10.3% during the 1st quarter. Northern Trust Corp now owns 1,574,482 shares of the company’s stock worth $866,012,000 after buying an additional 147,580 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

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.