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

Spotify Technology (NYSE:SPOT) had its price objective raised by analysts at Rosenblatt Securities from $399.00 to $438.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Rosenblatt Securities’ price target would suggest a potential upside of 15.63% from the stock’s current price.

A number of other research analysts also recently issued reports on SPOT. Morgan Stanley boosted their price objective on Spotify Technology from $370.00 to $400.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Guggenheim increased their price target on Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Evercore ISI lifted their price objective on shares of Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. TD Cowen increased their target price on shares of Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. Finally, Benchmark reaffirmed a “buy” rating and issued a $405.00 price target on shares of Spotify Technology in a research note on Monday, July 22nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and an average target price of $362.21.

Spotify Technology Price Performance

Spotify Technology stock opened at $378.81 on Thursday. The stock’s 50 day moving average is $352.57 and its 200 day moving average is $322.71. Spotify Technology has a one year low of $145.76 and a one year high of $389.23. The firm has a market cap of $75.40 billion, a P/E ratio of 154.62 and a beta of 1.58. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same period in the prior year, the firm posted ($1.69) EPS. The company’s quarterly revenue was up 19.8% on a year-over-year basis. As a group, research analysts expect that Spotify Technology will post 6.24 EPS for the current year.

Institutional Trading of Spotify Technology

Hedge funds have recently added to or reduced their stakes in the stock. GQG Partners LLC bought a new stake in shares of Spotify Technology in the 1st quarter worth approximately $610,040,000. Bamco Inc. NY raised its stake in shares of Spotify Technology by 28.3% in the first quarter. Bamco Inc. NY now owns 864,584 shares of the company’s stock valued at $228,164,000 after buying an additional 190,931 shares during the period. Swedbank AB lifted its position in shares of Spotify Technology by 13.2% during the 2nd quarter. Swedbank AB now owns 852,526 shares of the company’s stock valued at $267,514,000 after buying an additional 99,730 shares during the last quarter. Perpetual Ltd grew its stake in shares of Spotify Technology by 24.3% during the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock worth $279,965,000 after acquiring an additional 148,431 shares during the period. Finally, D1 Capital Partners L.P. increased its holdings in Spotify Technology by 5.6% in the 2nd quarter. D1 Capital Partners L.P. now owns 680,061 shares of the company’s stock worth $213,396,000 after acquiring an additional 36,000 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.