Spotify Technology (NYSE:SPOT – Free Report) had its price objective hoisted by Rosenblatt Securities from $399.00 to $438.00 in a report released on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.
Several other equities research analysts have also recently commented on the company. DZ Bank upgraded Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price target for the company in a research note on Wednesday, July 24th. Wolfe Research began coverage on shares of Spotify Technology in a research report on Friday, July 12th. They set an “outperform” rating and a $390.00 price objective for the company. KeyCorp raised their target price on shares of Spotify Technology from $440.00 to $490.00 and gave the stock an “overweight” rating in a research note on Wednesday. Barclays boosted their price target on shares of Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Finally, Morgan Stanley raised their price objective on shares of Spotify Technology from $370.00 to $400.00 and gave the company an “overweight” rating in a research 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 assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $362.21.
Read Our Latest Report on SPOT
Spotify Technology Stock Performance
Spotify Technology (NYSE:SPOT – Get Free Report) 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 previous year, the business posted ($1.69) earnings per share. Spotify Technology’s quarterly revenue was up 19.8% on a year-over-year basis. As a group, equities analysts forecast that Spotify Technology will post 6.24 earnings per share for the current year.
Institutional Trading of Spotify Technology
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SPOT. Transcendent Capital Group LLC acquired a new stake in shares of Spotify Technology during the 2nd quarter worth about $25,000. Benjamin Edwards Inc. boosted its position in Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after acquiring an additional 58 shares during the last quarter. Larson Financial Group LLC boosted its position in Spotify Technology by 86.0% during the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after acquiring an additional 43 shares during the last quarter. Mather Group LLC. grew its stake in Spotify Technology by 9,900.0% in the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after acquiring an additional 99 shares during the period. Finally, V Square Quantitative Management LLC acquired a new position in Spotify Technology in the 3rd quarter valued at $40,000. Hedge funds and other 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.
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