Spotify Technology (NYSE:SPOT) Price Target Raised to $730.00 at JPMorgan Chase & Co.

Spotify Technology (NYSE:SPOT) had its price target hoisted by JPMorgan Chase & Co. from $670.00 to $730.00 in a report issued on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts have also recently issued research reports about the company. Evercore ISI reduced their price objective on Spotify Technology from $700.00 to $650.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. Barclays decreased their price target on Spotify Technology from $710.00 to $650.00 and set an “overweight” rating for the company in a report on Wednesday, April 30th. China Renaissance assumed coverage on shares of Spotify Technology in a research note on Wednesday, March 26th. They set a “buy” rating and a $740.00 price objective on the stock. Morgan Stanley upped their target price on shares of Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Finally, Cantor Fitzgerald dropped their price target on shares of Spotify Technology from $600.00 to $520.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 16th. Eight equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $611.14.

Spotify Technology Stock Performance

Spotify Technology stock opened at $712.24 on Wednesday. Spotify Technology has a 1 year low of $288.07 and a 1 year high of $717.87. The firm has a 50 day moving average price of $612.90 and a 200 day moving average price of $558.29. The company has a market cap of $145.80 billion, a price-to-earnings ratio of 119.70 and a beta of 1.72.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). The business had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.22 billion. Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The business’s revenue was up 15.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.97 EPS. Sell-side analysts predict that Spotify Technology will post 10.3 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hartford Investment Management Co. grew its holdings in shares of Spotify Technology by 1.1% during the 1st quarter. Hartford Investment Management Co. now owns 1,449 shares of the company’s stock valued at $797,000 after acquiring an additional 16 shares in the last quarter. Citizens Financial Group Inc. RI grew its stake in Spotify Technology by 3.7% in the first quarter. Citizens Financial Group Inc. RI now owns 477 shares of the company’s stock valued at $262,000 after purchasing an additional 17 shares in the last quarter. HM Payson & Co. grew its stake in shares of Spotify Technology by 39.1% in the 1st quarter. HM Payson & Co. now owns 64 shares of the company’s stock valued at $35,000 after buying an additional 18 shares in the last quarter. Adero Partners LLC increased its holdings in Spotify Technology by 0.7% in the first quarter. Adero Partners LLC now owns 2,635 shares of the company’s stock worth $1,449,000 after buying an additional 19 shares during the last quarter. Finally, North Star Investment Management Corp. raised its position in Spotify Technology by 52.8% during the first quarter. North Star Investment Management Corp. now owns 55 shares of the company’s stock valued at $30,000 after acquiring an additional 19 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.