Spotify Technology (NYSE:SPOT) Price Target Raised to $460.00 at Pivotal Research

Spotify Technology (NYSE:SPOT) had its price target boosted by Pivotal Research from $400.00 to $460.00 in a research report sent to investors on Wednesday morning, Marketbeat reports. They currently have a buy rating on the stock.

SPOT has been the subject of a number of other reports. Barclays lifted their price objective on Spotify Technology from $335.00 to $350.00 and gave the company an overweight rating in a research note on Wednesday, April 24th. KeyCorp boosted their price target on shares of Spotify Technology from $400.00 to $410.00 and gave the stock an overweight rating in a research note on Wednesday, July 10th. Morgan Stanley raised their price objective 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. Raymond James upped their target price on shares of Spotify Technology from $260.00 to $320.00 and gave the stock an outperform rating in a research note on Monday, April 15th. Finally, UBS Group raised their price target on shares of Spotify Technology from $375.00 to $400.00 and gave the company a buy rating in a research report on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology presently has an average rating of Moderate Buy and a consensus price target of $353.15.

Spotify Technology Stock Down 2.1 %

Shares of SPOT opened at $321.88 on Wednesday. The company’s 50-day moving average price is $310.88 and its 200 day moving average price is $277.48. Spotify Technology has a 12-month low of $129.23 and a 12-month high of $346.23. The company has a current ratio of 1.56, a quick ratio of 1.42 and a debt-to-equity ratio of 0.31. The firm has a market cap of $64.07 billion, a P/E ratio of -480.41, a price-to-earnings-growth ratio of 0.76 and a beta of 1.59.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same period in the prior year, the business posted ($1.69) EPS. The business’s revenue for the quarter was up 19.8% compared to the same quarter last year. On average, sell-side analysts forecast that Spotify Technology will post 5.71 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Transcendent Capital Group LLC purchased a new stake in Spotify Technology in the second quarter valued at approximately $25,000. Larson Financial Group LLC raised its position in Spotify Technology by 86.0% in the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock valued at $25,000 after purchasing an additional 43 shares during the last quarter. Mather Group LLC. grew its position in Spotify Technology by 9,900.0% during the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after purchasing an additional 99 shares during the last quarter. FinTrust Capital Advisors LLC increased its stake in 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 purchasing an additional 100 shares during the period. Finally, Fifth Third Bancorp increased its stake in Spotify Technology by 640.0% in the second quarter. Fifth Third Bancorp now owns 148 shares of the company’s stock valued at $46,000 after purchasing an additional 128 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.