Spotify Technology (NYSE:SPOT) PT Raised to $356.00

Spotify Technology (NYSE:SPOT) had its price objective hoisted by TD Cowen from $273.00 to $356.00 in a research note released on Wednesday, Benzinga reports. TD Cowen currently has a hold rating on the stock.

SPOT has been the topic of several other research reports. DZ Bank upgraded shares of Spotify Technology from a hold rating to a buy rating and set a $375.00 target price on the stock in a report on Wednesday. KeyCorp lifted their target price 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. Jefferies Financial Group reiterated 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. The Goldman Sachs Group upgraded shares of Spotify Technology from a neutral rating to a buy rating and lifted their target price for the stock from $320.00 to $425.00 in a report on Wednesday. Finally, Raymond James lifted their target price on shares of Spotify Technology from $260.00 to $320.00 and gave the stock an outperform rating in a report on Monday, April 15th. One 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 target price of $353.15.

Spotify Technology Stock Down 2.1 %

Spotify Technology stock opened at $321.88 on Wednesday. The company has a market capitalization of $64.07 billion, a P/E ratio of -480.41, a P/E/G ratio of 0.76 and a beta of 1.59. The firm’s fifty day simple moving average is $310.88 and its 200-day simple moving average is $277.48. The company has a current ratio of 1.56, a quick ratio of 1.42 and a debt-to-equity ratio of 0.31. Spotify Technology has a 1-year low of $129.23 and a 1-year high of $346.23.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, beating 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 net margin of 3.22% and a return on equity of 15.23%. Spotify Technology’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same quarter last year, the firm earned ($1.69) EPS. Sell-side analysts forecast that Spotify Technology will post 5.71 earnings per share for the current fiscal year.

Institutional Trading of Spotify Technology

Several large investors have recently added to or reduced their stakes in the company. GQG Partners LLC bought a new stake in Spotify Technology during the first quarter worth about $610,040,000. Artisan Partners Limited Partnership grew its stake in Spotify Technology by 24.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,400,811 shares of the company’s stock worth $263,226,000 after buying an additional 277,733 shares during the last quarter. Bamco Inc. NY grew its stake in Spotify Technology by 28.3% during the first quarter. Bamco Inc. NY now owns 864,584 shares of the company’s stock worth $228,164,000 after buying an additional 190,931 shares during the last quarter. Swedbank AB grew its stake in Spotify Technology by 13.2% during the second quarter. Swedbank AB now owns 852,526 shares of the company’s stock worth $267,514,000 after buying an additional 99,730 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in Spotify Technology by 4.0% during the first quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock worth $161,645,000 after buying an additional 23,675 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

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.