Spotify Technology (NYSE:SPOT – Get Free Report) had its price objective boosted by analysts at Rosenblatt Securities from $396.00 to $399.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Rosenblatt Securities’ price target would suggest a potential upside of 20.67% from the stock’s previous close.
SPOT has been the topic of a number of other reports. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and upped their price target for the stock from $320.00 to $425.00 in a research note on Wednesday. Guggenheim boosted their price target on Spotify Technology from $290.00 to $350.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Citigroup raised their price objective on Spotify Technology from $255.00 to $310.00 and gave the company a “neutral” rating in a research note on Tuesday, May 7th. UBS Group lifted their price objective on Spotify Technology from $375.00 to $400.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Finally, Morgan Stanley upped their target price on Spotify Technology from $270.00 to $350.00 and gave the company an “overweight” rating in a report on Monday, April 22nd. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $338.07.
Read Our Latest Stock Analysis on Spotify Technology
Spotify Technology Stock Up 11.9 %
Shares of NYSE:SPOT opened at $330.66 on Wednesday. Spotify Technology has a 52 week low of $129.23 and a 52 week high of $343.40. The company has a 50-day moving average price of $309.21 and a 200 day moving average price of $275.23. The company has a market cap of $62.89 billion, a P/E ratio of -493.52, a PEG ratio of 0.78 and a beta of 1.59.
Spotify Technology (NYSE:SPOT – Get Free Report) last posted its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $0.63 by $0.42. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. The business had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.87 billion. During the same period last year, the firm earned ($1.24) EPS. Analysts expect that Spotify Technology will post 5 EPS for the current year.
Institutional Investors Weigh In On Spotify Technology
Hedge funds have recently modified their holdings of the stock. GYL Financial Synergies LLC acquired a new position in Spotify Technology during the second quarter worth approximately $1,411,000. Granite Group Advisors LLC purchased a new stake in shares of Spotify Technology during the 2nd quarter valued at $233,000. Oak Harvest Investment Services acquired a new stake in shares of Spotify Technology during the 2nd quarter worth $708,000. Fifth Third Bancorp raised its position in shares of Spotify Technology by 640.0% in the 2nd quarter. Fifth Third Bancorp now owns 148 shares of the company’s stock worth $46,000 after buying an additional 128 shares during the period. Finally, Summit Global Investments acquired a new position in Spotify Technology in the second quarter valued at $1,432,000. 84.09% of the stock is owned by institutional investors and hedge funds.
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.
Featured Stories
Receive News & Ratings for Spotify Technology Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Spotify Technology and related companies with MarketBeat.com’s FREE daily email newsletter.