Spotify Technology (NYSE:SPOT) Earns “Neutral” Rating from Piper Sandler

Spotify Technology (NYSE:SPOT)‘s stock had its “neutral” rating restated by analysts at Piper Sandler in a research note issued to investors on Wednesday, Benzinga reports. They presently have a $320.00 price objective on the stock, up from their previous price objective of $300.00. Piper Sandler’s price objective would indicate a potential upside of 14.04% from the company’s current price.

SPOT has been the subject of several other research reports. Raymond James lifted their target price on Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a research report on Monday, April 15th. DZ Bank upgraded Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 target price for the company in a research report on Wednesday, February 7th. Wells Fargo & Company lifted their target price on Spotify Technology from $250.00 to $280.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 31st. Loop Capital lifted their target price on Spotify Technology from $165.00 to $250.00 and gave the stock a “hold” rating in a research report on Monday. Finally, Benchmark boosted their price objective on Spotify Technology from $325.00 to $375.00 and gave the company a “buy” rating in a research report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $290.85.

Spotify Technology Trading Down 7.5 %

Shares of Spotify Technology stock traded down $22.70 during trading hours on Wednesday, reaching $280.61. The stock had a trading volume of 4,708,982 shares, compared to its average volume of 2,135,399. The firm has a market capitalization of $55.65 billion, a price-to-earnings ratio of -96.36 and a beta of 1.63. Spotify Technology has a 1 year low of $128.67 and a 1 year high of $319.30. The firm has a 50 day simple moving average of $269.00 and a two-hundred day simple moving average of $216.78.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $0.63 by $0.42. The business had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. During the same period last year, the business posted ($1.24) EPS. Sell-side analysts forecast that Spotify Technology will post 3.5 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Wellington Management Group LLP lifted its stake in shares of Spotify Technology by 61.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock valued at $459,364,000 after purchasing an additional 1,133,305 shares during the period. Schroder Investment Management Group increased its holdings in shares of Spotify Technology by 303.4% in the third quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock worth $203,396,000 after acquiring an additional 989,243 shares in the last quarter. Artisan Partners Limited Partnership raised its position in shares of Spotify Technology by 194.7% during the third quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock worth $173,673,000 after purchasing an additional 741,955 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Spotify Technology by 16.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock valued at $572,015,000 after purchasing an additional 523,237 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Spotify Technology during the 4th quarter valued at about $92,429,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

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.