Spotify Technology (NYSE:SPOT) Price Target Raised to $438.00

Spotify Technology (NYSE:SPOT) had its target price lifted by Rosenblatt Securities from $399.00 to $438.00 in a report issued on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts also recently issued research reports about the company. The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $320.00 to $425.00 in a research report on Wednesday, July 24th. Macquarie increased their price target on Spotify Technology from $345.00 to $395.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Bank of America raised their price target on Spotify Technology from $370.00 to $380.00 and gave the company a “buy” rating in a report on Tuesday, July 2nd. Evercore ISI upped their price objective on shares of Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Finally, Benchmark restated a “buy” rating and set a $405.00 target price on shares of Spotify Technology in a research note on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $362.21.

Spotify Technology Price Performance

NYSE:SPOT opened at $378.88 on Thursday. Spotify Technology has a 52-week low of $145.76 and a 52-week high of $389.23. The company has a market cap of $72.06 billion, a P/E ratio of -565.49 and a beta of 1.58. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The stock’s 50-day simple moving average is $352.57 and its 200 day simple moving average is $323.30.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The company had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. During the same quarter in the prior year, the business posted ($1.69) EPS. The business’s revenue was up 19.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Spotify Technology will post 6.24 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. Larson Financial Group LLC grew its position in 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 acquiring an additional 43 shares during the last quarter. Transcendent Capital Group LLC bought a new stake in shares of Spotify Technology during the second quarter worth about $25,000. Benjamin Edwards Inc. increased its stake in shares of Spotify Technology by 214.8% in the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock valued at $27,000 after buying an additional 58 shares during the period. Mather Group LLC. raised its holdings in Spotify Technology by 9,900.0% in the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after buying an additional 99 shares during the last quarter. Finally, FinTrust Capital Advisors LLC boosted its position in Spotify Technology by 400.0% during the 1st quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock worth $33,000 after buying an additional 100 shares during the period. 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.