Spotify Technology (NYSE:SPOT) Upgraded by DZ Bank to “Buy”

Spotify Technology (NYSE:SPOT) was upgraded by equities research analysts at DZ Bank from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. The firm currently has a $375.00 target price on the stock. DZ Bank’s price target indicates a potential upside of 13.99% from the stock’s current price.

A number of other research analysts have also recently weighed in on SPOT. Morgan Stanley boosted their target price on shares of Spotify Technology from $270.00 to $350.00 and gave the company an “overweight” rating in a research note on Monday, April 22nd. Redburn Atlantic restated a “sell” rating and set a $230.00 price target on shares of Spotify Technology in a research note on Wednesday, July 10th. Piper Sandler reiterated a “neutral” rating and issued a $320.00 price objective (up from $300.00) on shares of Spotify Technology in a research note on Wednesday, April 24th. Raymond James raised their target price on Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a research note on Monday, April 15th. Finally, Bank of America increased their price target on shares of Spotify Technology from $370.00 to $380.00 and gave the stock a “buy” rating in a report on Tuesday, July 2nd. One 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. According to MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $353.15.

Spotify Technology Trading Down 2.2 %

NYSE:SPOT opened at $328.97 on Wednesday. The stock’s 50-day moving average is $310.50 and its 200-day moving average is $276.03. Spotify Technology has a 1-year low of $129.23 and a 1-year high of $346.23. The stock has a market cap of $65.48 billion, a P/E ratio of -490.99, a price-to-earnings-growth ratio of 0.87 and a beta of 1.59.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. The company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 17.48%. Spotify Technology’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.69) EPS. As a group, equities analysts forecast that Spotify Technology will post 5 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

Several institutional investors have recently bought and sold shares of the company. Assenagon Asset Management S.A. increased its holdings in shares of Spotify Technology by 410.2% in the fourth quarter. Assenagon Asset Management S.A. now owns 97,771 shares of the company’s stock valued at $18,372,000 after purchasing an additional 78,609 shares during the period. Evoke Wealth LLC acquired a new position in Spotify Technology during the fourth quarter worth approximately $2,271,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Spotify Technology by 30.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock valued at $21,024,000 after buying an additional 18,731 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Spotify Technology by 1,500.5% during the fourth quarter. Franklin Resources Inc. now owns 70,151 shares of the company’s stock valued at $13,182,000 after acquiring an additional 65,768 shares in the last quarter. Finally, TD Asset Management Inc grew its holdings in Spotify Technology by 2.4% during the 1st quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock worth $135,339,000 after acquiring an additional 12,192 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

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.