Rosenblatt Securities Issues Positive Forecast for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT) had its target price hoisted by Rosenblatt Securities from $679.00 to $700.00 in a research note published on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other equities analysts have also recently issued reports on SPOT. Benchmark cut their price objective on Spotify Technology from $840.00 to $800.00 and set a “buy” rating for the company in a report on Wednesday, July 30th. Morgan Stanley cut their price objective on Spotify Technology from $850.00 to $800.00 and set an “overweight” rating for the company in a report on Wednesday, July 30th. Weiss Ratings restated a “hold (c-)” rating on shares of Spotify Technology in a report on Wednesday, October 8th. DZ Bank upgraded Spotify Technology from a “sell” rating to a “hold” rating and set a $652.00 target price for the company in a report on Wednesday, July 30th. Finally, Guggenheim restated a “buy” rating and set a $850.00 target price on shares of Spotify Technology in a report on Wednesday, September 3rd. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and twelve have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $731.81.

Spotify Technology Trading Up 2.1%

SPOT opened at $666.97 on Wednesday. The stock has a 50-day moving average price of $693.07 and a 200-day moving average price of $679.75. Spotify Technology has a 12-month low of $376.04 and a 12-month high of $785.00. The stock has a market capitalization of $136.54 billion, a P/E ratio of 161.89, a PEG ratio of 3.11 and a beta of 1.67.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.00 by ($2.42). Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%.The firm had revenue of $4.94 billion during the quarter, compared to analysts’ expectations of $4.29 billion. During the same quarter in the previous year, the company posted $1.33 earnings per share. Spotify Technology’s revenue for the quarter was up 10.1% compared to the same quarter last year. On average, equities research analysts predict that Spotify Technology will post 10.3 EPS for the current year.

Institutional Investors Weigh In On Spotify Technology

Several institutional investors and hedge funds have recently bought and sold shares of the business. Scissortail Wealth Management LLC lifted its holdings in Spotify Technology by 9.6% in the 3rd quarter. Scissortail Wealth Management LLC now owns 342 shares of the company’s stock worth $239,000 after buying an additional 30 shares during the period. McAdam LLC purchased a new stake in Spotify Technology in the 3rd quarter worth approximately $249,000. Triasima Portfolio Management inc. lifted its holdings in Spotify Technology by 35.8% in the 3rd quarter. Triasima Portfolio Management inc. now owns 10,222 shares of the company’s stock worth $7,135,000 after buying an additional 2,693 shares during the period. Sage Mountain Advisors LLC lifted its holdings in Spotify Technology by 6.3% in the 3rd quarter. Sage Mountain Advisors LLC now owns 289 shares of the company’s stock worth $201,000 after buying an additional 17 shares during the period. Finally, Dynasty Wealth Management LLC purchased a new stake in Spotify Technology in the 3rd quarter worth approximately $361,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

About Spotify Technology

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.