Spotify Technology (NYSE:SPOT) PT Raised to $510.00

Spotify Technology (NYSE:SPOT) had its target price increased by Pivotal Research from $460.00 to $510.00 in a research report issued to clients and investors on Thursday, MarketBeat.com reports. The firm presently has a “buy” rating on the stock. Pivotal Research’s target price indicates a potential upside of 48.28% from the stock’s current price.

Other analysts also recently issued reports about the company. Jefferies Financial Group reiterated a “buy” rating and set a $385.00 target price (up from $242.00) on shares of Spotify Technology in a research note on Thursday, July 11th. Evercore ISI lifted their price target on shares of Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. TD Cowen increased their price target on Spotify Technology from $273.00 to $356.00 and gave the company a “hold” rating in a report on Wednesday, July 24th. Barclays upped their price objective on Spotify Technology from $350.00 to $360.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Finally, Morgan Stanley increased their target price on Spotify Technology from $370.00 to $400.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $359.14.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $343.95 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The company has a market capitalization of $65.42 billion, a price-to-earnings ratio of -513.36 and a beta of 1.57. The company has a 50 day simple moving average of $329.05 and a two-hundred day simple moving average of $306.08. Spotify Technology has a fifty-two week low of $145.76 and a fifty-two week high of $359.38.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. During the same period in the previous year, the company posted ($1.69) earnings per share. The company’s revenue for the quarter was up 19.8% compared to the same quarter last year. Analysts expect that Spotify Technology will post 6.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Several large investors have recently modified their holdings of SPOT. Private Advisor Group LLC increased its holdings in shares of Spotify Technology by 5.7% in the 4th quarter. Private Advisor Group LLC now owns 1,397 shares of the company’s stock valued at $263,000 after acquiring an additional 75 shares during the period. Principal Securities Inc. bought a new stake in shares of Spotify Technology in the 4th quarter valued at about $71,000. Dimensional Fund Advisors LP grew its position in shares of Spotify Technology by 1.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 261,508 shares of the company’s stock worth $49,142,000 after buying an additional 4,352 shares during the last quarter. Principal Financial Group Inc. lifted its position in Spotify Technology by 212.6% during the fourth quarter. Principal Financial Group Inc. now owns 54,157 shares of the company’s stock valued at $10,177,000 after acquiring an additional 36,835 shares during the last quarter. Finally, Quadrant Capital Group LLC boosted its stake in Spotify Technology by 191.4% in the fourth quarter. Quadrant Capital Group LLC now owns 271 shares of the company’s stock valued at $51,000 after acquiring an additional 178 shares in the last quarter. 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.