Spotify Technology (NYSE:SPOT) PT Raised to $400.00

Spotify Technology (NYSE:SPOT) had its price target lifted by Morgan Stanley from $370.00 to $400.00 in a research note released on Wednesday, Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts have also recently issued reports about the stock. Loop Capital upped their price objective on shares of Spotify Technology from $165.00 to $250.00 and gave the stock a hold rating in a research report on Monday, April 22nd. KeyCorp lifted their price objective on shares of Spotify Technology from $400.00 to $410.00 and gave the stock an overweight rating in a report on Wednesday, July 10th. DZ Bank raised Spotify Technology from a hold rating to a buy rating and set a $375.00 target price on the stock in a research note on Wednesday. Jefferies Financial Group reaffirmed a buy rating and set a $385.00 price target (up previously from $242.00) on shares of Spotify Technology in a research note on Thursday, July 11th. Finally, Macquarie increased their price objective on Spotify Technology from $345.00 to $395.00 and gave the company an outperform rating in a research report on Tuesday, July 23rd. One 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. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $353.15.

Spotify Technology Trading Down 2.1 %

SPOT stock opened at $321.88 on Wednesday. The stock has a 50-day simple moving average of $310.88 and a two-hundred day simple moving average of $277.48. Spotify Technology has a twelve month low of $129.23 and a twelve month high of $346.23. The company has a quick ratio of 1.42, a current ratio of 1.56 and a debt-to-equity ratio of 0.31.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.25. The firm had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The business’s quarterly revenue was up 19.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.69) earnings per share. As a group, sell-side analysts predict that Spotify Technology will post 5.88 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently modified their holdings of SPOT. Vanguard Group Inc. lifted its holdings in Spotify Technology by 2.0% in the third quarter. Vanguard Group Inc. now owns 554,066 shares of the company’s stock valued at $85,681,000 after acquiring an additional 10,703 shares during the period. Brookstone Capital Management bought a new position in shares of Spotify Technology in the 4th quarter worth approximately $229,000. CoreCap Advisors LLC purchased a new position in shares of Spotify Technology during the 4th quarter worth $210,000. Raymond James & Associates grew its position in shares of Spotify Technology by 19.0% during the 4th quarter. Raymond James & Associates now owns 38,410 shares of the company’s stock valued at $7,218,000 after acquiring an additional 6,139 shares during the period. Finally, Raymond James Financial Services Advisors Inc. increased its stake in shares of Spotify Technology by 10.3% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 24,266 shares of the company’s stock worth $4,560,000 after purchasing an additional 2,263 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

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.