Spotify Technology (NYSE:SPOT) Earns Neutral Rating from Piper Sandler

Piper Sandler reaffirmed their neutral rating on shares of Spotify Technology (NYSE:SPOT) in a research note published on Wednesday morning, Benzinga reports. The firm currently has a $320.00 price objective on the stock, up from their prior price objective of $300.00.

Several other research analysts have also issued reports on the stock. Pivotal Research increased their price target on shares of Spotify Technology from $390.00 to $400.00 and gave the stock a buy rating in a research note on Tuesday. Macquarie increased their price objective on shares of Spotify Technology from $300.00 to $330.00 and gave the company an outperform rating in a research report on Monday, April 22nd. Morgan Stanley increased their price objective on shares of Spotify Technology from $270.00 to $350.00 and gave the company an overweight rating in a research report on Monday, April 22nd. Raymond James increased their price objective on shares of Spotify Technology from $260.00 to $320.00 and gave the company an outperform rating in a research report on Monday, April 15th. Finally, Bank of America increased their price objective on shares of Spotify Technology from $265.00 to $315.00 and gave the company a buy rating in a research report on Wednesday, March 20th. Eight equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $301.81.

Spotify Technology Trading Up 0.2 %

Shares of NYSE SPOT opened at $289.68 on Wednesday. The firm has a fifty day simple moving average of $271.48 and a two-hundred day simple moving average of $218.66. The firm has a market capitalization of $57.45 billion, a PE ratio of -432.35 and a beta of 1.63. Spotify Technology has a 12 month low of $128.67 and a 12 month high of $319.30.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.42. The company had revenue of $3.95 billion during the quarter, compared to analyst estimates of $3.87 billion. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. During the same period last year, the business earned ($1.24) EPS. On average, sell-side analysts predict that Spotify Technology will post 3.97 earnings per share for the current year.

Institutional Investors Weigh In On Spotify Technology

Several institutional investors and hedge funds have recently modified their holdings of SPOT. Yousif Capital Management LLC boosted its stake in Spotify Technology by 4.4% during the first quarter. Yousif Capital Management LLC now owns 4,762 shares of the company’s stock worth $1,257,000 after buying an additional 201 shares during the period. MONECO Advisors LLC boosted its stake in shares of Spotify Technology by 0.7% during the first quarter. MONECO Advisors LLC now owns 13,234 shares of the company’s stock valued at $3,492,000 after purchasing an additional 93 shares during the period. Lindbrook Capital LLC boosted its stake in shares of Spotify Technology by 35.6% during the first quarter. Lindbrook Capital LLC now owns 278 shares of the company’s stock valued at $73,000 after purchasing an additional 73 shares during the period. Valeo Financial Advisors LLC purchased a new stake in shares of Spotify Technology during the first quarter valued at $237,000. Finally, Cambridge Investment Research Advisors Inc. boosted its stake in shares of Spotify Technology by 168.7% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 9,456 shares of the company’s stock valued at $2,495,000 after purchasing an additional 5,937 shares during the period. 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.