Rosenblatt Securities Raises Spotify Technology (NYSE:SPOT) Price Target to $396.00

Spotify Technology (NYSE:SPOT) had its target price raised by Rosenblatt Securities from $315.00 to $396.00 in a report published on Wednesday morning, Benzinga reports. Rosenblatt Securities currently has a buy rating on the stock.

Several other analysts also recently issued reports on SPOT. Bank of America lifted their target price on Spotify Technology from $265.00 to $315.00 and gave the company a buy rating in a research note on Wednesday, March 20th. Loop Capital lifted their price objective on Spotify Technology from $165.00 to $250.00 and gave the stock a hold rating in a research note on Monday, April 22nd. HSBC assumed coverage on Spotify Technology in a research note on Wednesday, March 27th. They issued a buy rating and a $310.00 price objective on the stock. Barclays lifted their price objective on Spotify Technology from $270.00 to $335.00 and gave the stock an overweight rating in a research note on Wednesday, April 10th. Finally, Pivotal Research lifted their target price on Spotify Technology from $390.00 to $400.00 and gave the stock a buy rating in a report on Tuesday, April 23rd. Eight research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $301.81.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $289.59 on Wednesday. Spotify Technology has a 1-year low of $128.67 and a 1-year high of $319.30. The business has a fifty day moving average price of $271.48 and a 200-day moving average price of $219.09.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $0.63 by $0.42. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. The company had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $3.87 billion. During the same period last year, the firm posted ($1.24) earnings per share. As a group, equities analysts anticipate that Spotify Technology will post 4.49 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Large investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its stake in shares of Spotify Technology by 61.7% in the third quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock worth $459,364,000 after buying an additional 1,133,305 shares during the last quarter. Schroder Investment Management Group boosted its position in Spotify Technology by 303.4% during the third quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock worth $203,396,000 after purchasing an additional 989,243 shares in the last quarter. Artisan Partners Limited Partnership boosted its position in Spotify Technology by 194.7% during the third quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock worth $173,673,000 after purchasing an additional 741,955 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in Spotify Technology by 16.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock worth $572,015,000 after purchasing an additional 523,237 shares in the last quarter. Finally, Norges Bank purchased a new position in Spotify Technology during the fourth quarter worth approximately $92,429,000. 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.