Spotify Technology’s (SPOT) Neutral Rating Reaffirmed at Rosenblatt Securities

Spotify Technology (NYSE:SPOT)‘s stock had its “neutral” rating reaffirmed by research analysts at Rosenblatt Securities in a research report issued to clients and investors on Wednesday, MarketBeat reports. They presently have a $658.00 target price on the stock, up from their previous target price of $473.00. Rosenblatt Securities’ price target suggests a potential upside of 5.17% from the stock’s previous close.

Several other research analysts have also recently commented on the company. Piper Sandler raised their target price on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Wolfe Research reissued a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. KeyCorp lifted their price objective on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Pivotal Research lifted their price objective on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, The Goldman Sachs Group lifted their price objective on Spotify Technology from $490.00 to $550.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $514.79.

Spotify Technology Trading Down 0.1 %

SPOT opened at $625.67 on Wednesday. Spotify Technology has a 1-year low of $227.52 and a 1-year high of $630.77. The stock has a market capitalization of $124.54 billion, a price-to-earnings ratio of 170.02 and a beta of 1.63. The business has a 50 day moving average of $488.02 and a 200-day moving average of $410.89.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The business had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same period in the prior year, the company posted $0.36 earnings per share. The firm’s revenue was up 18.8% compared to the same quarter last year. Equities analysts predict that Spotify Technology will post 5.91 EPS 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. Prestige Wealth Management Group LLC acquired a new stake in Spotify Technology in the third quarter worth about $26,000. Hobbs Group Advisors LLC acquired a new position in shares of Spotify Technology during the 3rd quarter worth about $33,000. Larson Financial Group LLC grew its position in shares of Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after buying an additional 33 shares during the period. V Square Quantitative Management LLC acquired a new position in shares of Spotify Technology during the 3rd quarter worth about $40,000. Finally, Rakuten Securities Inc. grew its position in shares of Spotify Technology by 40.5% during the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after buying an additional 32 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.