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

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

Several other research analysts have also issued reports on the company. DZ Bank upgraded Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective for the company in a research note on Wednesday, July 24th. Jefferies Financial Group restated a “buy” rating and set 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 Spotify Technology from a “neutral” rating to a “buy” rating and increased their target price for the stock from $320.00 to $425.00 in a report on Wednesday, July 24th. Redburn Atlantic restated a “sell” rating and set a $230.00 target price on shares of Spotify Technology in a report on Wednesday, July 10th. Finally, Barclays increased their target price on Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. One investment 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.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $362.21.

Spotify Technology Stock Performance

Spotify Technology stock opened at $366.75 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. The stock has a fifty day moving average price of $351.79 and a two-hundred day moving average price of $321.93. Spotify Technology has a 52-week low of $145.76 and a 52-week high of $389.23. The firm has a market capitalization of $73.00 billion, a P/E ratio of 149.69 and a beta of 1.58.

Spotify Technology (NYSE:SPOT) last released 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 during the quarter, compared to analyst estimates of $3.82 billion. During the same period in the prior year, the company posted ($1.69) earnings per share. The business’s revenue for the quarter was up 19.8% compared to the same quarter last year. As a group, analysts anticipate that Spotify Technology will post 6.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. grew its stake in Spotify Technology by 30.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock valued at $21,024,000 after purchasing an additional 18,731 shares in the last quarter. Perpetual Ltd grew its stake in Spotify Technology by 24.3% in the third quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after purchasing an additional 148,431 shares in the last quarter. TD Asset Management Inc grew its stake in Spotify Technology by 2.4% in the first quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock valued at $135,339,000 after purchasing an additional 12,192 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in Spotify Technology by 121.6% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 7,399 shares of the company’s stock valued at $2,322,000 after purchasing an additional 4,060 shares in the last quarter. Finally, Ritholtz Wealth Management grew its stake in Spotify Technology by 64.7% in the third quarter. Ritholtz Wealth Management now owns 4,495 shares of the company’s stock valued at $1,657,000 after purchasing an additional 1,765 shares in the last quarter. 84.09% of the stock is currently 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.