Spotify Technology S.A. (NYSE:SPOT) Receives $357.41 Consensus Target Price from Brokerages

Shares of Spotify Technology S.A. (NYSE:SPOT) have been given a consensus rating of “Moderate Buy” by the thirty research firms that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and twenty-three have issued a buy recommendation on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $359.14.

Several brokerages have weighed in on SPOT. Benchmark reaffirmed a “buy” rating and issued a $405.00 price objective on shares of Spotify Technology in a report on Monday, July 22nd. TD Cowen boosted their price target on Spotify Technology from $273.00 to $356.00 and gave the company a “hold” rating in a research note on Wednesday, July 24th. Rosenblatt Securities upped their price objective on shares of Spotify Technology from $396.00 to $399.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Guggenheim raised their target price on shares of Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Finally, The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and upped their price target for the stock from $320.00 to $425.00 in a report on Wednesday, July 24th.

Spotify Technology Trading Up 4.7 %

SPOT stock opened at $360.01 on Tuesday. Spotify Technology has a one year low of $145.76 and a one year high of $368.29. The stock has a market cap of $71.66 billion, a price-to-earnings ratio of -537.32 and a beta of 1.57. The company has a fifty day moving average price of $330.23 and a two-hundred day moving average price of $306.45. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56.

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 analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.82 billion. During the same quarter last year, the firm earned ($1.69) earnings per share. The company’s revenue was up 19.8% on a year-over-year basis. Equities analysts anticipate that Spotify Technology will post 6.31 EPS for the current year.

Institutional Investors Weigh In On Spotify Technology

Several large investors have recently added to or reduced their stakes in SPOT. Larson Financial Group LLC increased its stake in Spotify Technology by 86.0% during the 1st quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock valued at $25,000 after purchasing an additional 43 shares in the last quarter. Transcendent Capital Group LLC acquired a new position in shares of Spotify Technology during the second quarter valued at about $25,000. Benjamin Edwards Inc. increased its position in shares of 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 in the last quarter. Mather Group LLC. raised its holdings in shares of 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 last quarter. Finally, FinTrust Capital Advisors LLC lifted its position in Spotify Technology by 400.0% in the 1st quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares in the last quarter. Institutional investors and hedge funds 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.