Spotify Technology (NYSE:SPOT) Price Target Increased to $396.00 by Analysts at Rosenblatt Securities

Spotify Technology (NYSE:SPOT) had its target price raised by research analysts at Rosenblatt Securities from $315.00 to $396.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Rosenblatt Securities’ price objective points to a potential upside of 30.49% from the company’s current price.

Other analysts have also recently issued reports about the stock. The Goldman Sachs Group increased their price objective on shares of Spotify Technology from $235.00 to $277.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. Bank of America increased their price objective on shares of Spotify Technology from $265.00 to $315.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. Pivotal Research increased their price objective on shares of Spotify Technology from $390.00 to $400.00 and gave the stock a “buy” rating in a research note on Tuesday. Loop Capital raised their target price on shares of Spotify Technology from $165.00 to $250.00 and gave the company a “hold” rating in a research note on Monday. Finally, Morgan Stanley raised their target price on shares of Spotify Technology from $270.00 to $350.00 and gave the company an “overweight” rating in a research note on Monday. Seven investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $281.62.

Spotify Technology Trading Up 11.5 %

SPOT opened at $303.48 on Wednesday. Spotify Technology has a 1-year low of $128.67 and a 1-year high of $319.30. The company has a market capitalization of $60.19 billion, a PE ratio of -102.53 and a beta of 1.63. The firm’s 50 day simple moving average is $269.00 and its two-hundred day simple moving average is $216.78.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, February 6th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. The firm had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The company’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.43) earnings per share. Equities analysts forecast that Spotify Technology will post 3.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Institutional investors have recently bought and sold shares of the business. Future Financial Wealth Managment LLC bought a new stake in shares of Spotify Technology in the 1st quarter worth about $40,000. Pinnacle Bancorp Inc. bought a new stake in shares of Spotify Technology in the 4th quarter worth about $29,000. GAMMA Investing LLC bought a new stake in shares of Spotify Technology in the 4th quarter worth about $32,000. First Horizon Advisors Inc. lifted its holdings in shares of Spotify Technology by 195.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after acquiring an additional 117 shares during the last quarter. Finally, Lindbrook Capital LLC lifted its holdings in shares of Spotify Technology by 32.3% in the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after acquiring an additional 50 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Company Profile

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.