Spotify Technology (NYSE:SPOT) Price Target Raised to $430.00 at Morgan Stanley

Spotify Technology (NYSE:SPOT) had its target price hoisted by Morgan Stanley from $400.00 to $430.00 in a report released on Wednesday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other equities research analysts have also commented on SPOT. Bank of America upped their target price on Spotify Technology from $370.00 to $380.00 and gave the company a “buy” rating in a research report on Tuesday, July 2nd. DZ Bank upgraded Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 target price on the stock in a research report on Wednesday, July 24th. Benchmark reiterated a “buy” rating and issued a $405.00 target price on shares of Spotify Technology in a research report on Monday, July 22nd. KeyCorp upped their price objective on Spotify Technology from $440.00 to $490.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Finally, The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $320.00 to $425.00 in a research report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $369.43.

Spotify Technology Stock Performance

SPOT opened at $379.37 on Wednesday. Spotify Technology has a 52-week low of $155.00 and a 52-week high of $389.48. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The company has a market cap of $72.16 billion, a P/E ratio of -566.22 and a beta of 1.58. The firm’s 50-day moving average price is $356.19 and its 200-day moving average price is $325.20.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. Spotify Technology’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.69) earnings per share. As a group, equities analysts anticipate that Spotify Technology will post 6.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Financial Advocates Investment Management raised its stake in Spotify Technology by 4.4% in the 3rd quarter. Financial Advocates Investment Management now owns 1,116 shares of the company’s stock valued at $411,000 after purchasing an additional 47 shares during the last quarter. Oak Harvest Investment Services raised its stake in Spotify Technology by 46.5% in the 3rd quarter. Oak Harvest Investment Services now owns 6,235 shares of the company’s stock valued at $2,298,000 after purchasing an additional 1,978 shares during the last quarter. First Trust Direct Indexing L.P. raised its stake in Spotify Technology by 48.5% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 1,206 shares of the company’s stock valued at $444,000 after purchasing an additional 394 shares during the last quarter. New York State Teachers Retirement System increased its stake in shares of Spotify Technology by 47.4% in the 3rd quarter. New York State Teachers Retirement System now owns 2,705 shares of the company’s stock worth $997,000 after acquiring an additional 870 shares during the last quarter. Finally, Cutter & CO Brokerage Inc. acquired a new stake in shares of Spotify Technology in the 3rd quarter worth $231,000. 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.