Spotify Technology (NYSE:SPOT) PT Raised to $356.00

Spotify Technology (NYSE:SPOT) had its price target raised by TD Cowen from $273.00 to $356.00 in a research note released on Wednesday, Benzinga reports. They currently have a hold rating on the stock.

A number of other research firms also recently commented on SPOT. Barclays upped their price objective on Spotify Technology from $335.00 to $350.00 and gave the stock an overweight rating in a report on Wednesday, April 24th. HSBC upped their price objective on Spotify Technology from $310.00 to $355.00 and gave the stock a buy rating in a report on Wednesday, April 24th. DZ Bank raised shares of Spotify Technology from a hold rating to a buy rating and set a $375.00 price target for the company in a research report on Wednesday. Pivotal Research upped their price target on shares of Spotify Technology from $400.00 to $460.00 and gave the stock a buy rating in a research report on Wednesday. Finally, Bank of America upped their price target on shares of Spotify Technology from $370.00 to $380.00 and gave the stock a buy rating in a research report on Tuesday, July 2nd. One investment 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 stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $353.15.

Spotify Technology Trading Down 2.1 %

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

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 15.23% and a net margin of 3.22%. The business’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.69) EPS. As a group, analysts forecast that Spotify Technology will post 5.71 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Spotify Technology by 2.0% during the third quarter. Vanguard Group Inc. now owns 554,066 shares of the company’s stock worth $85,681,000 after acquiring an additional 10,703 shares during the period. Brookstone Capital Management acquired a new stake in Spotify Technology during the fourth quarter worth about $229,000. CoreCap Advisors LLC acquired a new stake in Spotify Technology during the fourth quarter worth about $210,000. Raymond James & Associates raised its stake in Spotify Technology by 19.0% during the fourth quarter. Raymond James & Associates now owns 38,410 shares of the company’s stock worth $7,218,000 after acquiring an additional 6,139 shares during the period. Finally, Raymond James Financial Services Advisors Inc. raised its stake in Spotify Technology by 10.3% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 24,266 shares of the company’s stock worth $4,560,000 after acquiring an additional 2,263 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.