Spotify Technology (NYSE:SPOT) Rating Increased to Neutral at Redburn Partners

Spotify Technology (NYSE:SPOTGet Rating) was upgraded by equities researchers at Redburn Partners from a “sell” rating to a “neutral” rating in a research note issued to investors on Monday, Briefing.com reports.

SPOT has been the subject of several other research reports. Evercore ISI reduced their price objective on shares of Spotify Technology from $365.00 to $300.00 and set an “outperform” rating for the company in a research note on Thursday, February 3rd. KeyCorp cut their target price on shares of Spotify Technology from $260.00 to $235.00 and set an “overweight” rating for the company in a research report on Thursday, April 14th. Wells Fargo & Company cut their target price on shares of Spotify Technology from $200.00 to $153.00 and set an “underweight” rating for the company in a research report on Thursday, February 3rd. UBS Group cut their target price on shares of Spotify Technology from $275.00 to $185.00 and set a “neutral” rating for the company in a research report on Monday, April 4th. Finally, Morgan Stanley cut their price objective on shares of Spotify Technology from $300.00 to $225.00 and set an “overweight” rating for the company in a research report on Friday, April 8th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $236.14.

Shares of NYSE:SPOT traded up $0.23 during mid-day trading on Monday, reaching $110.44. 15,467 shares of the company were exchanged, compared to its average volume of 2,283,756. The firm has a market cap of $21.01 billion, a price-to-earnings ratio of -88.35 and a beta of 1.67. Spotify Technology has a 1 year low of $109.10 and a 1 year high of $305.60. The firm’s 50-day simple moving average is $142.58 and its 200 day simple moving average is $201.76.

Spotify Technology (NYSE:SPOTGet Rating) last announced its quarterly earnings data on Wednesday, February 2nd. The company reported ($0.24) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.45) by $0.21. Spotify Technology had a negative net margin of 0.34% and a negative return on equity of 1.27%. The business had revenue of $2.69 billion for the quarter, compared to analyst estimates of $2.65 billion. During the same period last year, the business earned ($0.79) EPS. The company’s revenue was up 24.0% on a year-over-year basis. On average, research analysts predict that Spotify Technology will post -0.14 earnings per share for the current year.

Hedge funds have recently bought and sold shares of the business. Morgan Stanley lifted its position in shares of Spotify Technology by 3.2% in the second quarter. Morgan Stanley now owns 19,265,688 shares of the company’s stock worth $5,309,432,000 after purchasing an additional 589,486 shares in the last quarter. ARK Investment Management LLC grew its stake in shares of Spotify Technology by 9.3% in the first quarter. ARK Investment Management LLC now owns 4,388,330 shares of the company’s stock worth $662,726,000 after acquiring an additional 373,446 shares during the last quarter. BlackRock Inc. grew its stake in shares of Spotify Technology by 3.7% in the fourth quarter. BlackRock Inc. now owns 3,805,127 shares of the company’s stock worth $890,513,000 after acquiring an additional 136,459 shares during the last quarter. Jennison Associates LLC grew its stake in shares of Spotify Technology by 34.7% in the fourth quarter. Jennison Associates LLC now owns 2,580,094 shares of the company’s stock worth $603,819,000 after acquiring an additional 665,199 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in Spotify Technology by 19.0% during the third quarter. Wellington Management Group LLP now owns 1,943,493 shares of the company’s stock worth $437,947,000 after buying an additional 309,977 shares in the last quarter. 56.36% of the stock is owned by institutional investors.

About Spotify Technology (Get Rating)

Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.

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Analyst Recommendations for Spotify Technology (NYSE:SPOT)

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