Benchmark Reiterates "Buy" Rating for Spotify Technology (NYSE:SPOT)

Spotify Technology (NYSE:SPOT - Get Free Report)'s stock had its "buy" rating reiterated by equities research analysts at Benchmark in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $520.00 target price on the stock. Benchmark's target price indicates a potential upside of 6.11% from the company's current price.

Other analysts also recently issued reports about the company. JPMorgan Chase & Co. raised their price objective on Spotify Technology from $425.00 to $530.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 13th. Bank of America raised their price objective on Spotify Technology from $430.00 to $515.00 and gave the stock a "buy" rating in a research report on Wednesday, November 13th. Morgan Stanley raised their price objective on Spotify Technology from $430.00 to $460.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 13th. Piper Sandler raised their target price on Spotify Technology from $330.00 to $450.00 and gave the company a "neutral" rating in a report on Wednesday, November 13th. Finally, Canaccord Genuity Group raised their target price on Spotify Technology from $525.00 to $560.00 and gave the company a "buy" rating in a report on Monday, December 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $441.21.

Spotify Technology Stock Down 0.1 %

Shares of SPOT traded down $0.61 during midday trading on Thursday, reaching $490.08. The company had a trading volume of 1,376,281 shares, compared to its average volume of 1,632,857. Spotify Technology has a 1-year low of $191.88 and a 1-year high of $506.47. The stock has a market cap of $97.55 billion, a PE ratio of 133.17 and a beta of 1.62. The firm has a 50 day simple moving average of $465.30 and a 200-day simple moving average of $387.49.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.75 by ($0.30). The business had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm's revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.36 earnings per share. As a group, sell-side analysts anticipate that Spotify Technology will post 5.96 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Ballentine Partners LLC increased its position in Spotify Technology by 45.5% during the fourth quarter. Ballentine Partners LLC now owns 944 shares of the company's stock worth $422,000 after buying an additional 295 shares during the period. MassMutual Private Wealth & Trust FSB increased its position in Spotify Technology by 1,121.3% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 574 shares of the company's stock worth $257,000 after buying an additional 527 shares during the period. Diversify Advisory Services LLC acquired a new position in Spotify Technology during the fourth quarter worth approximately $391,000. LVW Advisors LLC acquired a new position in Spotify Technology during the fourth quarter worth approximately $292,000. Finally, Oak Ridge Investments LLC acquired a new position in Spotify Technology during the fourth quarter worth approximately $5,248,000. Institutional investors and hedge funds 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.