Brokerages Set Spotify Technology S.A. (NYSE:SPOT) Price Target at $357.41

Shares of Spotify Technology S.A. (NYSE:SPOT) have received an average recommendation of “Moderate Buy” from the thirty brokerages that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, six have given a hold recommendation and twenty-three have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $359.14.

Several equities research analysts have recently commented on the company. TD Cowen upped their price objective on Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $385.00 price objective (up previously from $242.00) on shares of Spotify Technology in a research note on Thursday, July 11th. Barclays boosted their price objective on Spotify Technology from $350.00 to $360.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. UBS Group raised their target price on shares of Spotify Technology from $375.00 to $400.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Finally, Evercore ISI upped their price target on shares of Spotify Technology from $420.00 to $460.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th.

Spotify Technology Stock Up 1.4 %

Spotify Technology stock opened at $365.17 on Tuesday. The stock has a fifty day moving average of $331.49 and a 200 day moving average of $307.39. The stock has a market cap of $72.69 billion, a PE ratio of -545.02 and a beta of 1.57. Spotify Technology has a one year low of $145.76 and a one year high of $368.29. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. During the same quarter last year, the firm posted ($1.69) earnings per share. The firm’s revenue was up 19.8% compared to the same quarter last year. As a group, sell-side analysts predict that Spotify Technology will post 6.31 EPS for the current year.

Institutional Investors Weigh In On Spotify Technology

Several institutional investors have recently made changes to their positions in SPOT. Private Advisor Group LLC lifted its stake in Spotify Technology by 5.7% in the fourth quarter. Private Advisor Group LLC now owns 1,397 shares of the company’s stock worth $263,000 after purchasing an additional 75 shares during the last quarter. Principal Securities Inc. purchased a new position in Spotify Technology during the 4th quarter valued at $71,000. Dimensional Fund Advisors LP grew its position in Spotify Technology by 1.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 261,508 shares of the company’s stock valued at $49,142,000 after acquiring an additional 4,352 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in Spotify Technology by 43.0% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 3,672 shares of the company’s stock worth $690,000 after purchasing an additional 1,104 shares during the period. Finally, Principal Financial Group Inc. lifted its position in shares of Spotify Technology by 212.6% during the fourth quarter. Principal Financial Group Inc. now owns 54,157 shares of the company’s stock worth $10,177,000 after purchasing an additional 36,835 shares during 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.