Guggenheim Forecasts Strong Price Appreciation for Spotify Technology (NYSE:SPOT) Stock

Spotify Technology (NYSE:SPOT) had its price objective increased by equities research analysts at Guggenheim from $800.00 to $850.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim’s price target suggests a potential upside of 16.16% from the stock’s current price.

A number of other analysts also recently commented on SPOT. Barclays dropped their price objective on Spotify Technology from $800.00 to $750.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 30th. DZ Bank upgraded shares of Spotify Technology from a “sell” rating to a “hold” rating and set a $652.00 price objective for the company in a research report on Wednesday, July 30th. Rosenblatt Securities cut their target price on shares of Spotify Technology from $703.00 to $679.00 and set a “neutral” rating for the company in a research note on Wednesday, July 30th. Loop Capital raised their price objective on Spotify Technology from $435.00 to $550.00 and gave the stock a “hold” rating in a research note on Friday, May 2nd. Finally, Bank of America lifted their target price on Spotify Technology from $700.00 to $900.00 and gave the stock a “buy” rating in a report on Thursday, June 26th. Ten research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $719.23.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $731.74 on Monday. Spotify Technology has a 1-year low of $319.07 and a 1-year high of $785.00. The business’s fifty day moving average price is $703.27 and its two-hundred day moving average price is $637.83. The company has a market capitalization of $149.79 billion, a P/E ratio of 177.61, a PEG ratio of 3.17 and a beta of 1.69.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of $2.00 by ($2.42). The company had revenue of $4.94 billion for the quarter, compared to the consensus estimate of $4.29 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. Spotify Technology’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.33 earnings per share. On average, research analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. Castleark Management LLC bought a new stake in Spotify Technology in the 2nd quarter valued at $26,029,000. Evergreen Capital Management LLC lifted its stake in shares of Spotify Technology by 37.0% in the second quarter. Evergreen Capital Management LLC now owns 1,600 shares of the company’s stock valued at $1,228,000 after buying an additional 432 shares during the period. CANADA LIFE ASSURANCE Co grew its position in Spotify Technology by 12.0% during the second quarter. CANADA LIFE ASSURANCE Co now owns 178,571 shares of the company’s stock worth $137,150,000 after buying an additional 19,163 shares in the last quarter. 44 Wealth Management LLC acquired a new position in Spotify Technology in the 2nd quarter valued at approximately $210,000. Finally, Corient Private Wealth LLC grew its holdings in shares of Spotify Technology by 74.4% during the 2nd quarter. Corient Private Wealth LLC now owns 31,784 shares of the company’s stock worth $24,377,000 after purchasing an additional 13,559 shares in the last quarter. 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.