Pivotal Research Boosts Spotify Technology (NYSE:SPOT) Price Target to $510.00

Spotify Technology (NYSE:SPOT) had its price objective boosted by Pivotal Research from $460.00 to $510.00 in a research note issued to investors on Thursday, Marketbeat reports. Pivotal Research currently has a buy rating on the stock.

Other analysts have also recently issued reports about the company. 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 report on Tuesday, July 2nd. DZ Bank raised shares of Spotify Technology from a hold rating to a buy rating and set a $375.00 price objective on the stock in a research note on Wednesday, July 24th. The Goldman Sachs Group upgraded shares of Spotify Technology from a neutral rating to a buy rating and increased their price objective for the stock from $320.00 to $425.00 in a research report on Wednesday, July 24th. Jefferies Financial Group restated a buy rating and issued a $385.00 target price (up previously from $242.00) on shares of Spotify Technology in a report on Thursday, July 11th. Finally, Redburn Atlantic reaffirmed a sell rating and set a $230.00 price target on shares of Spotify Technology in a research report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology currently has a consensus rating of Moderate Buy and a consensus price target of $359.14.

Spotify Technology Price Performance

SPOT stock opened at $365.17 on Thursday. The company has a market capitalization of $69.46 billion, a P/E ratio of -545.03 and a beta of 1.57. The company has a fifty day moving average price of $331.49 and a 200-day moving average price of $307.67. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. Spotify Technology has a 52-week low of $145.76 and a 52-week high of $368.29.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The business had revenue of $3.81 billion during the quarter, compared to analyst estimates of $3.82 billion. During the same period last year, the company earned ($1.69) EPS. Spotify Technology’s revenue for the quarter was up 19.8% compared to the same quarter last year. As a group, equities analysts expect that Spotify Technology will post 6.31 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SPOT. Larson Financial Group LLC boosted its holdings in Spotify Technology by 86.0% in the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after buying an additional 43 shares during the period. Transcendent Capital Group LLC bought a new position in shares of Spotify Technology in the second quarter worth $25,000. Benjamin Edwards Inc. grew its position 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 purchasing an additional 58 shares in the last quarter. Mather Group LLC. raised its stake in shares of Spotify Technology by 9,900.0% during the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock valued at $31,000 after purchasing an additional 99 shares during the period. Finally, FinTrust Capital Advisors LLC lifted its holdings 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 purchasing an additional 100 shares in the last quarter. Hedge funds and other 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.