Spotify Technology (NYSE:SPOT) PT Raised to $460.00 at Pivotal Research

Spotify Technology (NYSE:SPOT) had its price objective boosted by Pivotal Research from $400.00 to $460.00 in a research report released on Wednesday, Marketbeat reports. Pivotal Research currently has a buy rating on the stock.

Several other equities research analysts have also issued reports on SPOT. The Goldman Sachs Group upgraded shares of Spotify Technology from a neutral rating to a buy rating and raised their target price for the stock from $320.00 to $425.00 in a report on Wednesday. DZ Bank upgraded Spotify Technology from a hold rating to a buy rating and set a $375.00 target price for the company in a research report on Wednesday. UBS Group upped their target price on Spotify Technology from $375.00 to $400.00 and gave the company a buy rating in a research note on Thursday, July 11th. Bank of America raised their price target on Spotify Technology from $370.00 to $380.00 and gave the stock a buy rating in a research note on Tuesday, July 2nd. Finally, Morgan Stanley upped their price objective on Spotify Technology from $270.00 to $350.00 and gave the company an overweight rating in a research report on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have issued a buy rating to the company. According to data from MarketBeat, Spotify Technology has a consensus rating of Moderate Buy and a consensus price target of $353.15.

Spotify Technology Trading Down 2.1 %

SPOT opened at $321.88 on Wednesday. The stock has a 50-day moving average of $310.88 and a 200 day moving average of $277.48. The company has a current ratio of 1.56, a quick ratio of 1.42 and a debt-to-equity ratio of 0.31. Spotify Technology has a 12 month low of $129.23 and a 12 month high of $346.23. The firm has a market cap of $64.07 billion, a P/E ratio of -480.41, a P/E/G ratio of 0.76 and a beta of 1.59.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The firm had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.82 billion. During the same quarter in the previous year, the business earned ($1.69) EPS. The company’s quarterly revenue was up 19.8% on a year-over-year basis. As a group, research analysts forecast that Spotify Technology will post 5.71 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Transcendent Capital Group LLC acquired a new stake in Spotify Technology in the second quarter valued at approximately $25,000. Larson Financial Group LLC boosted its position 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 worth $25,000 after purchasing an additional 43 shares in the last quarter. Mather Group LLC. grew its stake in Spotify Technology by 9,900.0% during the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after buying an additional 99 shares during the last quarter. FinTrust Capital Advisors LLC increased its position in Spotify Technology by 400.0% during the 1st quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock valued at $33,000 after buying an additional 100 shares in the last quarter. Finally, Fifth Third Bancorp raised its stake in Spotify Technology by 640.0% in the second quarter. Fifth Third Bancorp now owns 148 shares of the company’s stock valued at $46,000 after buying an additional 128 shares during the last quarter. Hedge funds and other 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.