Spotify Technology (NYSE:SPOT) PT Raised to $438.00 at Rosenblatt Securities

Spotify Technology (NYSE:SPOT) had its target price increased by research analysts at Rosenblatt Securities from $399.00 to $438.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Rosenblatt Securities’ target price would suggest a potential upside of 17.39% from the stock’s previous close.

Several other research firms have also recently weighed in on SPOT. Pivotal Research upped their price target on shares of Spotify Technology from $460.00 to $510.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and raised their price target for the company from $320.00 to $425.00 in a report on Wednesday, July 24th. Guggenheim boosted their price objective on Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Morgan Stanley raised their target price on shares of Spotify Technology from $370.00 to $400.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Finally, TD Cowen lifted their target price on shares of Spotify Technology from $273.00 to $356.00 and gave the company a “hold” rating in a research report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus target price of $362.21.

Spotify Technology Stock Up 0.4 %

Shares of NYSE SPOT opened at $373.11 on Thursday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The company has a market cap of $70.97 billion, a P/E ratio of -554.73 and a beta of 1.58. Spotify Technology has a 52 week low of $145.76 and a 52 week high of $389.23. The business has a 50-day simple moving average of $351.22 and a two-hundred day simple moving average of $321.62.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. The company had revenue of $3.81 billion during the quarter, compared to analyst estimates of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. Spotify Technology’s revenue was up 19.8% compared to the same quarter last year. During the same period last year, the business earned ($1.69) earnings per share. Research analysts anticipate that Spotify Technology will post 6.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SPOT. GQG Partners LLC purchased a new position in Spotify Technology during the 1st quarter valued at $610,040,000. Bamco Inc. NY boosted its stake in shares of Spotify Technology by 28.3% during the 1st quarter. Bamco Inc. NY now owns 864,584 shares of the company’s stock valued at $228,164,000 after purchasing an additional 190,931 shares in the last quarter. Swedbank AB increased its position in shares of Spotify Technology by 13.2% during the second quarter. Swedbank AB now owns 852,526 shares of the company’s stock valued at $267,514,000 after buying an additional 99,730 shares during the period. Perpetual Ltd raised its stake in Spotify Technology by 24.3% in the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after buying an additional 148,431 shares in the last quarter. Finally, D1 Capital Partners L.P. lifted its holdings in Spotify Technology by 5.6% in the second quarter. D1 Capital Partners L.P. now owns 680,061 shares of the company’s stock worth $213,396,000 after buying an additional 36,000 shares during the period. Hedge funds and other institutional investors 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.