Spotify Technology (NYSE:SPOT) Price Target Increased to $438.00 by Analysts at Rosenblatt Securities

Spotify Technology (NYSE:SPOT) had its price target upped by Rosenblatt Securities from $399.00 to $438.00 in a report released on Thursday morning, Benzinga reports. The firm currently has a buy rating on the stock.

SPOT has been the topic of several other reports. Macquarie upped their price objective on shares of Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Benchmark reaffirmed a “buy” rating and set a $405.00 price target on shares of Spotify Technology in a report on Monday, July 22nd. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $320.00 to $425.00 in a research report on Wednesday, July 24th. UBS Group increased their target price on Spotify Technology from $375.00 to $400.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Finally, Redburn Atlantic reaffirmed a “sell” rating and issued a $230.00 price target on shares of Spotify Technology in a report on Wednesday, July 10th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $362.21.

Spotify Technology Price Performance

Shares of SPOT stock opened at $378.88 on Thursday. The stock’s fifty day simple moving average is $352.57 and its 200 day simple moving average is $323.30. Spotify Technology has a one year low of $145.76 and a one year high of $389.23. The firm has a market cap of $72.06 billion, a price-to-earnings ratio of -565.49 and a beta of 1.58. 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 issued its earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.08 by $0.25. The company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The firm’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.69) EPS. On average, analysts expect that Spotify Technology will post 6.24 earnings per share for the current fiscal year.

Institutional Trading of Spotify Technology

A number of large investors have recently made changes to their positions in SPOT. GQG Partners LLC bought a new stake in shares of Spotify Technology in the first quarter worth about $610,040,000. Swedbank AB bought a new stake in Spotify Technology during the 1st quarter worth approximately $198,663,000. Sei Investments Co. increased its stake in Spotify Technology by 106.8% during the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock worth $202,828,000 after purchasing an additional 333,782 shares in the last quarter. Castle Hook Partners LP acquired a new stake in Spotify Technology during the 1st quarter worth approximately $60,870,000. Finally, Bamco Inc. NY lifted its stake in Spotify Technology by 28.3% in the first quarter. Bamco Inc. NY now owns 864,584 shares of the company’s stock valued at $228,164,000 after buying an additional 190,931 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.