Spotify Technology (NYSE:SPOT) Price Target Increased to $396.00 by Analysts at Rosenblatt Securities

Spotify Technology (NYSE:SPOT) had its price target upped by investment analysts at Rosenblatt Securities from $315.00 to $396.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Rosenblatt Securities’ target price indicates a potential upside of 30.49% from the company’s current price.

A number of other equities analysts have also recently issued reports on SPOT. Bank of America increased their price objective on shares of Spotify Technology from $265.00 to $315.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Barclays raised their price target on shares of Spotify Technology from $270.00 to $335.00 and gave the company an “overweight” rating in a research report on Wednesday, April 10th. Raymond James raised their price target on shares of Spotify Technology from $260.00 to $320.00 and gave the company an “outperform” rating in a research report on Monday, April 15th. Morgan Stanley raised their price target on shares of Spotify Technology from $270.00 to $350.00 and gave the company an “overweight” rating in a research report on Monday. Finally, JPMorgan Chase & Co. raised their price target on shares of Spotify Technology from $280.00 to $320.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Seven research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and an average price target of $281.62.

Spotify Technology Trading Up 11.5 %

Shares of Spotify Technology stock opened at $303.48 on Wednesday. The business has a 50-day moving average price of $269.00 and a two-hundred day moving average price of $216.78. Spotify Technology has a 1-year low of $128.67 and a 1-year high of $319.30. The company has a market cap of $60.19 billion, a P/E ratio of -102.53 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, February 6th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The business’s revenue was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.43) EPS. Equities research analysts forecast that Spotify Technology will post 3.5 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

A number of hedge funds have recently made changes to their positions in the stock. First Horizon Advisors Inc. lifted its stake in Spotify Technology by 195.0% in the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after purchasing an additional 117 shares during the last quarter. Pinnacle Bancorp Inc. bought a new stake in Spotify Technology in the fourth quarter worth $29,000. GAMMA Investing LLC bought a new stake in Spotify Technology in the fourth quarter worth $32,000. Lindbrook Capital LLC lifted its stake in Spotify Technology by 32.3% in the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after purchasing an additional 50 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in Spotify Technology in the first quarter worth $40,000. 84.09% of the stock is owned by institutional investors.

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.