Spotify Technology (NYSE:SPOT) Rating Increased to Buy at DZ Bank

DZ Bank upgraded shares of Spotify Technology (NYSE:SPOT) from a hold rating to a buy rating in a report released on Wednesday morning, MarketBeat.com reports. The brokerage currently has $375.00 target price on the stock.

Other research analysts also recently issued research reports about the company. Pivotal Research increased their price target on Spotify Technology from $390.00 to $400.00 and gave the company a buy rating in a research note on Tuesday, April 23rd. Jefferies Financial Group reissued a buy rating and issued a $385.00 price target (up previously from $242.00) on shares of Spotify Technology in a research note on Thursday, July 11th. Morgan Stanley increased their price target on Spotify Technology from $270.00 to $350.00 and gave the company an overweight rating in a research note on Monday, April 22nd. Loop Capital increased their price target on Spotify Technology from $165.00 to $250.00 and gave the company a hold rating in a research note on Monday, April 22nd. Finally, Redburn Atlantic reissued a sell rating and issued a $230.00 price target on shares of Spotify Technology in a research note on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology has an average rating of Moderate Buy and a consensus target price of $353.15.

Spotify Technology Stock Down 2.1 %

NYSE:SPOT opened at $321.88 on Wednesday. The stock’s fifty day moving average price is $310.88 and its two-hundred day moving average price is $277.48. Spotify Technology has a 52-week low of $129.23 and a 52-week high of $346.23. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.42 and a current ratio of 1.56. The company has a market cap of $64.07 billion, a price-to-earnings ratio of -480.41, a P/E/G ratio of 0.76 and a beta of 1.59.

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. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The firm had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. During the same quarter in the prior year, the business earned ($1.69) EPS. The business’s revenue for the quarter was up 19.8% compared to the same quarter last year. On average, analysts anticipate that Spotify Technology will post 5.71 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

Several hedge funds have recently modified their holdings of SPOT. GQG Partners LLC bought a new position in shares of Spotify Technology in the 1st quarter valued at about $610,040,000. Swedbank AB bought a new position in shares of Spotify Technology in the 1st quarter valued at about $198,663,000. Norges Bank bought a new position in shares of Spotify Technology in the 4th quarter valued at about $92,429,000. 1832 Asset Management L.P. bought a new position in shares of Spotify Technology in the 4th quarter valued at about $83,094,000. Finally, Envestnet Asset Management Inc. grew its holdings 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 period. 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.