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

Spotify Technology (NYSE:SPOT) had its target price upped by equities researchers at Rosenblatt Securities from $315.00 to $396.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Rosenblatt Securities’ target price would indicate a potential upside of 36.93% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the company. KeyCorp lifted their price objective on Spotify Technology from $300.00 to $350.00 and gave the company an “overweight” rating in a research note on Friday, April 12th. JPMorgan Chase & Co. lifted their price objective on Spotify Technology from $280.00 to $320.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Deutsche Bank Aktiengesellschaft boosted their target price on Spotify Technology from $260.00 to $340.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Raymond James boosted their target price on Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a research note on Monday, April 15th. Finally, Morgan Stanley boosted their target price on Spotify Technology from $270.00 to $350.00 and gave the stock an “overweight” rating in a research note on Monday. Eight equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $301.81.

Spotify Technology Stock Up 2.8 %

NYSE SPOT opened at $289.20 on Wednesday. The stock has a 50-day moving average of $270.61 and a two-hundred day moving average of $217.74. Spotify Technology has a 1-year low of $128.67 and a 1-year high of $319.30.

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

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Lindbrook Capital LLC increased its holdings in shares of Spotify Technology by 32.3% in the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after purchasing an additional 50 shares during the period. Signaturefd LLC grew its holdings in Spotify Technology by 4.4% during the fourth quarter. Signaturefd LLC now owns 1,222 shares of the company’s stock worth $230,000 after acquiring an additional 51 shares during the period. Summit Trail Advisors LLC grew its holdings in Spotify Technology by 3.5% during the fourth quarter. Summit Trail Advisors LLC now owns 1,664 shares of the company’s stock worth $313,000 after acquiring an additional 56 shares during the period. Private Trust Co. NA grew its holdings in Spotify Technology by 18.4% during the fourth quarter. Private Trust Co. NA now owns 367 shares of the company’s stock worth $69,000 after acquiring an additional 57 shares during the period. Finally, Delta Asset Management LLC TN grew its holdings in Spotify Technology by 6.7% during the fourth quarter. Delta Asset Management LLC TN now owns 960 shares of the company’s stock worth $180,000 after acquiring an additional 60 shares during the period. Institutional investors and hedge funds 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.