Rosenblatt Securities Increases Spotify Technology (NYSE:SPOT) Price Target to $399.00

Spotify Technology (NYSE:SPOT) had its price objective raised by Rosenblatt Securities from $396.00 to $399.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Rosenblatt Securities currently has a buy rating on the stock.

A number of other analysts have also issued reports on the company. JPMorgan Chase & Co. lifted their target price on Spotify Technology from $365.00 to $375.00 and gave the stock an overweight rating in a research report on Tuesday, June 4th. The Goldman Sachs Group upgraded Spotify Technology from a neutral rating to a buy rating and lifted their price objective for the stock from $320.00 to $425.00 in a report on Wednesday. Macquarie increased their target price on Spotify Technology from $345.00 to $395.00 and gave the company an outperform rating in a research note on Tuesday, July 23rd. Morgan Stanley lifted their price target on shares of Spotify Technology from $270.00 to $350.00 and gave the stock an overweight rating in a research note on Monday, April 22nd. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Spotify Technology from $260.00 to $340.00 and gave the company a buy rating in a research note on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have assigned a buy rating to the company. Based on data from MarketBeat, Spotify Technology currently has a consensus rating of Moderate Buy and a consensus target price of $353.15.

Spotify Technology Stock Down 2.1 %

NYSE SPOT opened at $321.88 on Wednesday. The company has a quick ratio of 1.42, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. Spotify Technology has a fifty-two week low of $129.23 and a fifty-two week high of $346.23. The business has a 50 day moving average price of $310.88 and a two-hundred day moving average price of $277.48. The stock has a market cap of $64.07 billion, a PE ratio of -480.41, a P/E/G ratio of 0.76 and a beta of 1.59.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.25. The business had revenue of $3.81 billion during 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 15.23%. During the same period in the prior year, the firm earned ($1.69) earnings per share. The business’s quarterly revenue was up 19.8% compared to the same quarter last year. As a group, sell-side analysts predict that Spotify Technology will post 5.71 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Several hedge funds have recently added to or reduced their stakes in SPOT. Transcendent Capital Group LLC acquired a new position in shares of Spotify Technology during the second quarter valued at $25,000. Larson Financial Group LLC raised its position in shares of Spotify Technology by 86.0% during the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after buying an additional 43 shares in the last quarter. Mather Group LLC. boosted its holdings in shares of Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after acquiring an additional 99 shares in the last quarter. FinTrust Capital Advisors LLC boosted its holdings in shares of Spotify Technology by 400.0% in the first quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares in the last quarter. Finally, Fifth Third Bancorp increased its stake in shares of Spotify Technology by 640.0% during the second quarter. Fifth Third Bancorp now owns 148 shares of the company’s stock valued at $46,000 after acquiring an additional 128 shares during the period. 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.