Spotify Technology (NYSE:SPOT) Receives “Buy” Rating from Jefferies Financial Group

Jefferies Financial Group restated their buy rating on shares of Spotify Technology (NYSE:SPOT) in a research report released on Thursday, MarketBeat Ratings reports. Jefferies Financial Group currently has a $385.00 price target on the stock, up from their prior price target of $242.00.

A number of other research analysts also recently issued reports on the company. Bank of America lifted their price target on Spotify Technology from $370.00 to $380.00 and gave the company a buy rating in a report on Tuesday, July 2nd. Rosenblatt Securities restated a buy rating and set a $396.00 target price on shares of Spotify Technology in a research note on Tuesday, June 4th. KeyCorp boosted their target price on Spotify Technology from $400.00 to $410.00 and gave the stock an overweight rating in a research note on Wednesday. Redburn Atlantic restated a sell rating and set a $230.00 target price on shares of Spotify Technology in a research note on Wednesday. Finally, Canaccord Genuity Group boosted their target price on Spotify Technology from $315.00 to $330.00 and gave the stock a buy rating in a research note on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nineteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology presently has an average rating of Moderate Buy and a consensus target price of $320.65.

Spotify Technology Trading Down 1.4 %

Shares of NYSE:SPOT opened at $300.77 on Thursday. Spotify Technology has a 12-month low of $129.23 and a 12-month high of $331.08. The business’s fifty day simple moving average is $308.35 and its 200-day simple moving average is $267.85.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. The business had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. During the same period last year, the business posted ($1.24) EPS. As a group, equities analysts anticipate that Spotify Technology will post 4.98 earnings per share for the current year.

Hedge Funds Weigh In On Spotify Technology

Several institutional investors and hedge funds have recently modified their holdings of the stock. Larson Financial Group LLC increased its stake in shares of Spotify Technology by 86.0% in 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. Pinnacle Bancorp Inc. purchased a new position in shares of Spotify Technology in the 4th quarter valued at about $29,000. Mather Group LLC. increased its stake 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 valued at $31,000 after purchasing an additional 99 shares in the last quarter. GAMMA Investing LLC purchased a new position in shares of Spotify Technology in the 4th quarter valued at about $32,000. Finally, FinTrust Capital Advisors LLC increased its stake in shares of 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 purchasing 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.