Spotify Technology (NYSE:SPOT) PT Raised to $420.00

Spotify Technology (NYSE:SPOT) had its target price hoisted by Guggenheim from $400.00 to $420.00 in a research report sent to investors on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities research analysts have also commented on the stock. Citigroup lifted their price target on shares of Spotify Technology from $255.00 to $310.00 and gave the stock a neutral rating in a research note on Tuesday, May 7th. Piper Sandler reissued a neutral rating and issued a $320.00 target price (up from $300.00) on shares of Spotify Technology in a report on Wednesday, April 24th. Loop Capital lifted their price target on Spotify Technology from $165.00 to $250.00 and gave the stock a hold rating in a research report on Monday, April 22nd. Deutsche Bank Aktiengesellschaft boosted their price objective on Spotify Technology from $260.00 to $340.00 and gave the company a buy rating in a research note on Wednesday, April 17th. Finally, Rosenblatt Securities raised their target price on shares of Spotify Technology from $396.00 to $399.00 and gave the stock a buy rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have given a buy rating to the company’s stock. According to MarketBeat, Spotify Technology currently has a consensus rating of Moderate Buy and an average price target of $353.15.

Spotify Technology Stock Down 2.2 %

NYSE:SPOT opened at $321.87 on Wednesday. Spotify Technology has a 1 year low of $129.23 and a 1 year high of $346.23. The company has a quick ratio of 1.42, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. The stock has a 50-day simple moving average of $310.88 and a 200-day simple moving average of $276.89.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.25. The firm had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The firm’s revenue was up 19.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.69) earnings per share. On average, equities analysts forecast that Spotify Technology will post 5.71 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Larson Financial Group LLC boosted its position in shares of Spotify Technology by 86.0% during the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after purchasing an additional 43 shares in the last quarter. Transcendent Capital Group LLC acquired a new stake in shares of Spotify Technology in the second quarter valued at about $25,000. Pinnacle Bancorp Inc. purchased a new stake in Spotify Technology during the fourth quarter worth about $29,000. Mather Group LLC. grew its position in Spotify Technology by 9,900.0% during the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after buying an additional 99 shares during the period. Finally, GAMMA Investing LLC purchased a new position in Spotify Technology in the fourth quarter valued at about $32,000. Hedge funds and other 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.