Spotify Technology (NYSE:SPOT) Price Target Raised to $438.00 at Rosenblatt Securities

Spotify Technology (NYSE:SPOT) had its target price hoisted by Rosenblatt Securities from $399.00 to $438.00 in a research report released on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

SPOT has been the topic of several other research reports. The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and lifted their target price for the company from $320.00 to $425.00 in a research note on Wednesday, July 24th. UBS Group lifted their target price on Spotify Technology from $375.00 to $400.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. 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, July 24th. Morgan Stanley lifted their target price on Spotify Technology from $370.00 to $400.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Finally, KeyCorp lifted their target price on Spotify Technology from $440.00 to $490.00 and gave the company an “overweight” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $362.21.

Spotify Technology Price Performance

NYSE SPOT opened at $366.75 on Thursday. The stock’s 50-day moving average price is $351.79 and its two-hundred day moving average price is $321.93. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. The company has a market cap of $73.00 billion, a PE ratio of 149.69 and a beta of 1.58. Spotify Technology has a 1 year low of $145.76 and a 1 year high of $389.23.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data 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. The firm 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 15.23% and a net margin of 3.22%. The business’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.69) EPS. On average, analysts predict that Spotify Technology will post 6.24 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SPOT. Virtu Financial LLC acquired a new position in shares of Spotify Technology during the fourth quarter worth approximately $221,000. Vanguard Group Inc. raised its stake in shares of Spotify Technology by 6.3% in the fourth quarter. Vanguard Group Inc. now owns 588,847 shares of the company’s stock valued at $110,650,000 after purchasing an additional 34,781 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Spotify Technology by 96.5% in the first quarter. GAMMA Investing LLC now owns 334 shares of the company’s stock valued at $88,000 after purchasing an additional 164 shares in the last quarter. Banque Cantonale Vaudoise raised its stake in shares of Spotify Technology by 28.1% in the first quarter. Banque Cantonale Vaudoise now owns 4,043 shares of the company’s stock valued at $1,066,000 after purchasing an additional 886 shares in the last quarter. Finally, Wedmont Private Capital acquired a new position in shares of Spotify Technology in the first quarter valued at $197,000. 84.09% of the stock is currently 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.