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

Spotify Technology (NYSE:SPOT) had its target price lifted by JPMorgan Chase & Co. from $555.00 to $730.00 in a research report sent to investors on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other research firms have also recently issued reports on SPOT. Pivotal Research raised their target price on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Wells Fargo & Company lifted their price target on shares of Spotify Technology from $520.00 to $690.00 and gave the company an “overweight” rating in a report on Wednesday. KeyCorp increased their target price on Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Piper Sandler boosted their price target on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Finally, UBS Group raised their price objective on Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $509.61.

Spotify Technology Stock Up 0.5 %

Shares of Spotify Technology stock opened at $625.04 on Wednesday. Spotify Technology has a fifty-two week low of $227.52 and a fifty-two week high of $630.77. The business’s fifty day moving average is $485.02 and its two-hundred day moving average is $409.38. The firm has a market cap of $124.41 billion, a PE ratio of 169.85 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The business had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter last year, the company posted $0.36 earnings per share. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. Equities research analysts anticipate that Spotify Technology will post 5.91 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

Institutional investors and hedge funds have recently made changes to their positions in the business. WCM Investment Management LLC raised its holdings in Spotify Technology by 18.5% in the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after acquiring an additional 605,755 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Spotify Technology by 3.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock worth $1,286,969,000 after purchasing an additional 102,786 shares during the last quarter. Jennison Associates LLC bought a new stake in shares of Spotify Technology in the 4th quarter worth about $1,335,575,000. State Street Corp raised its stake in shares of Spotify Technology by 1.5% in the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after purchasing an additional 28,864 shares in the last quarter. Finally, FMR LLC lifted its position in shares of Spotify Technology by 23.4% during the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after purchasing an additional 297,035 shares during the last quarter. 84.09% of the stock is currently 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.