Rosenblatt Securities Reiterates Neutral Rating for Spotify Technology (NYSE:SPOT)

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

Other equities research analysts also recently issued reports about the stock. Canaccord Genuity Group upped their price target on shares of Spotify Technology from $525.00 to $560.00 and gave the company a “buy” rating in a report on Monday, December 2nd. Barclays upped their price target on shares of Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. The Goldman Sachs Group upped their price target on shares of Spotify Technology from $490.00 to $550.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Benchmark reissued a “buy” rating and issued a $520.00 price target on shares of Spotify Technology in a report on Thursday, January 16th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $514.79.

Spotify Technology Stock Down 0.1 %

Shares of SPOT opened at $625.67 on Wednesday. The firm has a 50-day moving average price of $488.02 and a 200 day moving average price of $410.89. The firm has a market capitalization of $124.54 billion, a PE ratio of 170.02 and a beta of 1.63. Spotify Technology has a 52-week low of $227.52 and a 52-week high of $630.77.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter in the prior year, the company earned $0.36 EPS. The business’s quarterly revenue was up 18.8% on a year-over-year basis. On average, equities analysts expect that Spotify Technology will post 5.91 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vestmark Advisory Solutions Inc. grew its holdings in Spotify Technology by 56.4% during the fourth quarter. Vestmark Advisory Solutions Inc. now owns 9,598 shares of the company’s stock valued at $4,294,000 after purchasing an additional 3,460 shares during the last quarter. Pinnacle Wealth Planning Services Inc. grew its holdings in Spotify Technology by 15.4% during the fourth quarter. Pinnacle Wealth Planning Services Inc. now owns 957 shares of the company’s stock valued at $428,000 after purchasing an additional 128 shares during the last quarter. Lindbrook Capital LLC grew its holdings in Spotify Technology by 3.2% during the fourth quarter. Lindbrook Capital LLC now owns 1,282 shares of the company’s stock valued at $574,000 after purchasing an additional 40 shares during the last quarter. GPM Growth Investors Inc. grew its holdings in Spotify Technology by 2.6% during the fourth quarter. GPM Growth Investors Inc. now owns 2,840 shares of the company’s stock valued at $1,271,000 after purchasing an additional 73 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Spotify Technology during the fourth quarter valued at approximately $55,637,000. Institutional investors and hedge funds 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.