JP Morgan Raises Spotify Technology (SPOT) Price Target to $700

JP Morgan maintained its Overweight rating on Spotify Technology S.A. (NYSE: SPOT) on October 23, 2026, while raising its price target from $650.00 to $700.00. The update was delivered in a research note to clients, pointing to confidence in the audio streaming company's growth outlook. Spotify shares closed at $585.29 on October 23, 2026.

SPOT Spotify Technology S.A.

$583.66 ▲ +1.51% year to date

1M 3M YTD

Daily close · Oct 22, 2026

JP Morgan's Call on Spotify Technology S.A.

In its October 23, 2026 research note, JP Morgan kept its Overweight rating on Spotify and lifted the price target by $50.00 to $700.00 from its previous target of $650.00. The higher target suggests room for growth from recent trading levels, even as the stock sits below Wall Street's average expectations.

Other Institutional Activity in Spotify Technology S.A.

Large financial institutions adjusted their positions in Spotify during the second quarter of 2026. Baillie Gifford & Co reduced its holdings by 290,115 shares, ending with 7,928,451 shares worth about $4,640,442,911. WCM Investment Management, LLC grew its holdings by 425,311 shares, ending with 2,840,477 shares worth about $1,662,502,720. Jennison Associates LLC grew its holdings by 30,568 shares, ending with 2,809,432 shares worth about $1,644,332,393. Fisher Asset Management, LLC grew its holdings by 85,946 shares, ending with 2,674,677 shares worth about $1,565,461,642. Dz Bank Ag Deutsche Zentral Genossenschafts Bank, Frankfurt Am Main grew its holdings by 898,599 shares, ending with 2,463,556 shares worth about $1,441,894,637.

Spotify Technology S.A. Stock Up 11.3%

Spotify shares recently traded around $584.75 as of October 23, 2026, down about 0.1% from the previous close of $585.29. The stock is trading above both its 50-day moving average of $524.29 and its 200-day moving average of $496.54. The recent price sits below its 52-week high of $683.96 and well above its 52-week low of $405.00.

Recent Earnings

For the trailing twelve months, Spotify posted revenue of $18,112,994,240 and earnings of $17.40 per share. The company reported a net profit margin of 18.4% and a return on equity of 44.5%. Revenue grew 13.9% year-over-year. The company's next earnings report is scheduled for February 9, 2027.

Insider Buying and Selling at Spotify Technology S.A.

Company insiders completed several stock sales ahead of the analyst update. Chief Executive Officer Alex Norstrom sold 5,436 shares on August 3, 2026, with a total value of $2,729,435. Officer Dustee Jenkins sold 3,810 shares on August 14, 2026, valued at $1,954,343. Chief Executive Officer Gustav Stig Victor Soderstrom sold 20,913 shares on September 14, 2026, worth $11,380,738, and later sold 20,910 shares on October 12, 2026, valued at $11,085,113.

Analysts Set New Price Targets

Wall Street firms updated their views on Spotify alongside JP Morgan on October 23, 2026. Morgan Stanley maintained its Overweight rating and raised its target from $640.00 to $700.00. Oppenheimer kept an Outperform rating and boosted its target from $550.00 to $650.00. Piper Sandler reiterated a Neutral rating while lifting its target from $540.00 to $580.00. Evercore ISI Group maintained an Outperform rating and raised its target from $700.00 to $750.00. Across the broader analyst community, Spotify holds a consensus buy recommendation with 37 analysts covering the stock and a mean price target of $628.00.

About Spotify Technology S.A.

Headquartered in Stockholm, Sweden, Spotify Technology S.A. operates a digital music, podcast, and video streaming platform available across the globe. The company serves users through both ad-supported and premium subscription tiers, giving listeners on-demand access to millions of audio titles and creators. Analyst updates like JP Morgan's target increase track how financial institutions view the platform's ability to scale its subscriber base and expand profit margins.

Bottom Line

Investors will look toward Spotify's next earnings report on February 9, 2027, for further updates on subscriber growth and financial performance. The stock continues to trade below JP Morgan's new $700 target, leaving room to watch how market demand reacts to changing analyst expectations.