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

Spotify Technology (NYSE:SPOT) had its price target hoisted by Rosenblatt Securities from $315.00 to $396.00 in a research report released on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts also recently weighed in on the company. Raymond James lifted their price objective on Spotify Technology from $260.00 to $320.00 and gave the company an outperform rating in a report on Monday, April 15th. DZ Bank raised Spotify Technology from a sell rating to a hold rating and set a $240.00 target price on the stock in a report on Wednesday, February 7th. Deutsche Bank Aktiengesellschaft boosted their target price on Spotify Technology from $260.00 to $340.00 and gave the stock a buy rating in a report on Wednesday, April 17th. Bank of America boosted their target price on Spotify Technology from $265.00 to $315.00 and gave the stock a buy rating in a report on Wednesday, March 20th. Finally, Pivotal Research boosted their target price on Spotify Technology from $390.00 to $400.00 and gave the stock a buy rating in a report on Tuesday. Eight equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $301.81.

Spotify Technology Trading Down 7.2 %

NYSE SPOT opened at $281.34 on Wednesday. The stock’s 50 day moving average is $269.74 and its two-hundred day moving average is $217.24. The company has a market capitalization of $55.80 billion, a price-to-earnings ratio of -419.90 and a beta of 1.63. Spotify Technology has a 1-year low of $128.67 and a 1-year high of $319.30.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42. The company had revenue of $3.95 billion for the quarter, compared to the consensus estimate 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 period in the previous year, the business earned ($1.24) earnings per share. On average, analysts predict that Spotify Technology will post 3.52 earnings per share for the current year.

Institutional Trading of Spotify Technology

A number of large investors have recently made changes to their positions in SPOT. First Horizon Advisors Inc. increased its position 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 valued at $27,000 after buying an additional 117 shares in the last quarter. Pinnacle Bancorp Inc. bought a new stake in shares of Spotify Technology in the 4th quarter valued at $29,000. GAMMA Investing LLC bought a new stake in shares of Spotify Technology in the 4th quarter valued at $32,000. Lindbrook Capital LLC increased its position in shares of Spotify Technology by 32.3% in the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after buying an additional 50 shares in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of Spotify Technology in the 1st quarter valued at $40,000. 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.