Spotify Technology (NYSE:SPOT) Given New $510.00 Price Target at Pivotal Research

Spotify Technology (NYSE:SPOT) had its target price raised by Pivotal Research from $460.00 to $510.00 in a report published on Thursday morning, Marketbeat.com reports. Pivotal Research currently has a buy rating on the stock.

Several other equities research analysts have also issued reports on SPOT. Benchmark reiterated a buy rating and set a $405.00 target price on shares of Spotify Technology in a research report on Monday, July 22nd. DZ Bank upgraded shares of Spotify Technology from a hold rating to a buy rating and set a $375.00 target price for the company in a research report on Wednesday, July 24th. Wolfe Research started coverage on Spotify Technology in a research note on Friday, July 12th. They issued an outperform rating and a $390.00 target price on the stock. Evercore ISI lifted their price target on Spotify Technology from $420.00 to $460.00 and gave the stock an outperform rating in a research note on Thursday, August 29th. Finally, Bank of America increased their price objective on Spotify Technology from $370.00 to $380.00 and gave the company a buy rating in a research report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $359.14.

Spotify Technology Trading Up 1.4 %

Spotify Technology stock opened at $365.17 on Thursday. The stock has a market cap of $69.46 billion, a P/E ratio of -545.03 and a beta of 1.57. Spotify Technology has a fifty-two week low of $145.76 and a fifty-two week high of $368.29. The firm’s fifty day moving average price is $331.49 and its 200-day moving average price is $307.67. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. The business had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The company’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.69) EPS. Equities research analysts forecast that Spotify Technology will post 6.31 earnings per share for the current fiscal year.

Institutional Trading of Spotify Technology

Several large investors have recently added to or reduced their stakes in SPOT. GQG Partners LLC bought a new stake in shares of Spotify Technology during the 1st quarter valued at about $610,040,000. Swedbank AB bought a new stake in Spotify Technology during the 1st quarter valued at approximately $198,663,000. Norges Bank bought a new stake in Spotify Technology during the 4th quarter valued at approximately $92,429,000. 1832 Asset Management L.P. purchased a new position in shares of Spotify Technology during the 4th quarter worth approximately $83,094,000. Finally, Sei Investments Co. raised its position in shares of Spotify Technology by 106.8% in the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock worth $202,828,000 after acquiring an additional 333,782 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.