Spotify Technology (NYSE:SPOT) Price Target Raised to $396.00 at Rosenblatt Securities

Spotify Technology (NYSE:SPOT) had its target price increased by Rosenblatt Securities from $315.00 to $396.00 in a research note published on Wednesday, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other brokerages have also recently weighed in on SPOT. Wells Fargo & Company increased their price target on Spotify Technology from $250.00 to $280.00 and gave the stock an overweight rating in a research report on Wednesday, January 31st. UBS Group increased their price target on Spotify Technology from $274.00 to $375.00 and gave the stock a buy rating in a research report on Friday, April 5th. Benchmark increased their price target on Spotify Technology from $290.00 to $325.00 and gave the stock a buy rating in a research report on Thursday, April 18th. Bank of America increased their price target on Spotify Technology from $265.00 to $315.00 and gave the stock a buy rating in a research report on Wednesday, March 20th. Finally, Canaccord Genuity Group increased their price objective on Spotify Technology from $315.00 to $330.00 and gave the stock a buy rating in a report on Monday. Eight research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $301.81.

Spotify Technology Stock Down 7.2 %

Shares of NYSE SPOT opened at $281.34 on Wednesday. The stock’s 50 day moving average price is $269.74 and its two-hundred day moving average price is $217.24. Spotify Technology has a 52-week low of $128.67 and a 52-week high of $319.30. The stock has a market capitalization of $55.80 billion, a P/E ratio of -419.90 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.42. The firm had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $3.87 billion. Spotify Technology had a negative return on equity of 4.91% and a negative net margin of 0.80%. During the same quarter in the prior year, the firm posted ($1.24) earnings per share. On average, analysts anticipate that Spotify Technology will post 3.52 EPS for the current year.

Institutional Investors Weigh In On Spotify Technology

Large investors have recently modified their holdings of the stock. First Horizon Advisors Inc. boosted its stake in shares of Spotify Technology by 195.0% during 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 in the last quarter. Pinnacle Bancorp Inc. bought a new stake in shares of Spotify Technology during the 4th quarter worth $29,000. GAMMA Investing LLC bought a new stake in shares of Spotify Technology during the 4th quarter worth $32,000. Lindbrook Capital LLC boosted its stake in shares of Spotify Technology by 32.3% during the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after acquiring an additional 50 shares in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of Spotify Technology during the 1st quarter worth $40,000. 84.09% of the stock is owned by institutional investors.

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.