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

Spotify Technology (NYSE:SPOT) had its price target lifted by research analysts at Rosenblatt Securities from $396.00 to $399.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Rosenblatt Securities’ target price suggests a potential upside of 21.29% from the stock’s previous close.

Several other equities analysts have also weighed in on the stock. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Spotify Technology from $260.00 to $340.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Wolfe Research started coverage on shares of Spotify Technology in a report on Friday, July 12th. They issued an “outperform” rating and a $390.00 price objective for the company. Macquarie increased their target price on shares of Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research note on Tuesday. Guggenheim raised their target price on Spotify Technology from $290.00 to $350.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Finally, HSBC upped their price target on Spotify Technology from $310.00 to $355.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. One 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 MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $353.15.

Spotify Technology Stock Performance

NYSE:SPOT opened at $328.97 on Wednesday. The firm’s fifty day moving average is $310.50 and its two-hundred day moving average is $276.03. The firm has a market cap of $65.48 billion, a price-to-earnings ratio of -490.99, a PEG ratio of 0.87 and a beta of 1.59. Spotify Technology has a one year low of $129.23 and a one year high of $346.23.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) 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 analysts’ expectations of $3.82 billion. Spotify Technology had a return on equity of 17.48% and a net margin of 3.22%. The company’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.69) EPS. As a group, equities research analysts predict that Spotify Technology will post 5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GQG Partners LLC acquired a new stake in shares of Spotify Technology in the 1st quarter worth $610,040,000. Artisan Partners Limited Partnership raised its stake in Spotify Technology by 24.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,400,811 shares of the company’s stock worth $263,226,000 after purchasing an additional 277,733 shares during the period. Bamco Inc. NY raised its stake in Spotify Technology by 28.3% during the first quarter. Bamco Inc. NY now owns 864,584 shares of the company’s stock worth $228,164,000 after purchasing an additional 190,931 shares during the period. Swedbank AB boosted its holdings in Spotify Technology by 13.2% in the 2nd quarter. Swedbank AB now owns 852,526 shares of the company’s stock valued at $267,514,000 after purchasing an additional 99,730 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Spotify Technology by 4.0% in the 1st quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock valued at $161,645,000 after buying an additional 23,675 shares during the period. Institutional investors and hedge funds 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.