DZ Bank Upgrades Spotify Technology (NYSE:SPOT) to “Buy”

Spotify Technology (NYSE:SPOT) was upgraded by DZ Bank from a “hold” rating to a “buy” rating in a research report issued on Wednesday, MarketBeat Ratings reports. The firm currently has a $375.00 target price on the stock. DZ Bank’s price target indicates a potential upside of 13.99% from the company’s previous close.

SPOT has been the topic of a number of other research reports. Jefferies Financial Group reaffirmed a “buy” rating and issued a $385.00 target price (up previously from $242.00) on shares of Spotify Technology in a research report on Thursday, July 11th. The Goldman Sachs Group upped their price objective on shares of Spotify Technology from $277.00 to $317.00 and gave the company a “neutral” rating in a research note on Wednesday, April 24th. UBS Group increased their price target on Spotify Technology from $375.00 to $400.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Spotify Technology from $260.00 to $340.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. Finally, Pivotal Research increased their price objective on shares of Spotify Technology from $390.00 to $400.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. One research 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 company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $353.15.

Spotify Technology Stock Performance

NYSE:SPOT opened at $328.97 on Wednesday. The company has a market capitalization of $65.48 billion, a P/E ratio of -490.99, a P/E/G ratio of 0.87 and a beta of 1.59. Spotify Technology has a 52 week low of $129.23 and a 52 week high of $346.23. The stock’s 50 day moving average price is $310.50 and its 200 day moving average price is $276.03.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. Spotify Technology had a return on equity of 17.48% and a net margin of 3.22%. The firm’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same period last year, the business earned ($1.69) earnings per share. As a group, sell-side analysts forecast that Spotify Technology will post 5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. GQG Partners LLC acquired a new stake in shares of Spotify Technology in the first quarter valued at about $610,040,000. Swedbank AB acquired a new position in shares of Spotify Technology during the 1st quarter worth about $198,663,000. Norges Bank bought a new stake in Spotify Technology during the 4th quarter valued at approximately $92,429,000. 1832 Asset Management L.P. acquired a new stake in Spotify Technology in the 4th quarter valued at approximately $83,094,000. Finally, Envestnet Asset Management Inc. increased its position in Spotify Technology by 327.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock worth $73,520,000 after buying an additional 299,700 shares during the period. 84.09% of the stock is owned by hedge funds and other 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.