Spotify Technology’s (SPOT) Buy Rating Reaffirmed at Benchmark

Benchmark restated their buy rating on shares of Spotify Technology (NYSE:SPOT) in a research note released on Monday morning, Benzinga reports. The brokerage currently has a $405.00 target price on the stock.

Other equities analysts have also recently issued reports about the stock. Redburn Atlantic reaffirmed a sell rating and issued a $230.00 price objective on shares of Spotify Technology in a research note on Wednesday, July 10th. The Goldman Sachs Group lifted their price target on shares of Spotify Technology from $277.00 to $317.00 and gave the stock a neutral rating in a research report on Wednesday, April 24th. Guggenheim raised their price objective on shares of Spotify Technology from $290.00 to $350.00 and gave the stock a buy rating in a report on Wednesday, April 24th. KeyCorp raised 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. Finally, Piper Sandler restated a neutral rating and set a $320.00 price objective (up from $300.00) on shares of Spotify Technology in a report on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $353.15.

Spotify Technology Stock Down 2.2 %

NYSE SPOT opened at $328.97 on Monday. Spotify Technology has a 1-year low of $129.23 and a 1-year high of $346.23. The company has a 50 day moving average of $310.50 and a 200-day moving average of $276.03.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The business had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.82 billion. During the same period in the prior year, the firm earned ($1.69) earnings per share. Spotify Technology’s revenue was up 19.8% compared to the same quarter last year. Sell-side analysts expect that Spotify Technology will post 5 earnings per share for the current year.

Institutional Trading of Spotify Technology

A number of institutional investors have recently bought and sold shares of SPOT. GQG Partners LLC bought a new stake in Spotify Technology in the 1st quarter valued at about $610,040,000. Swedbank AB acquired a new position in shares of Spotify Technology in the 1st quarter valued at approximately $198,663,000. Norges Bank acquired a new stake in shares of Spotify Technology during the 4th quarter worth approximately $92,429,000. 1832 Asset Management L.P. bought a new position in Spotify Technology in the fourth quarter valued at approximately $83,094,000. Finally, Envestnet Asset Management Inc. lifted its stake in Spotify Technology by 327.4% during the fourth quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock worth $73,520,000 after purchasing an additional 299,700 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

About Spotify Technology

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.