Spotify Technology’s (SPOT) “Neutral” Rating Reaffirmed at Piper Sandler

Spotify Technology (NYSE:SPOT)‘s stock had its “neutral” rating reiterated by stock analysts at Piper Sandler in a note issued to investors on Wednesday, Benzinga reports. They currently have a $320.00 price objective on the stock, up from their prior price objective of $300.00. Piper Sandler’s price objective suggests a potential upside of 10.65% from the stock’s current price.

A number of other research firms also recently commented on SPOT. Loop Capital upped their price objective on Spotify Technology from $165.00 to $250.00 and gave the stock a “hold” rating in a report on Monday. Raymond James raised their price objective on Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a report on Monday, April 15th. DZ Bank raised shares of Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 target price for the company in a research report on Wednesday, February 7th. Canaccord Genuity Group boosted their price objective on shares of Spotify Technology from $315.00 to $330.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Rosenblatt Securities raised their target price on shares of Spotify Technology from $315.00 to $396.00 and gave the company a “buy” rating in a research note on Wednesday. Eight research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $301.81.

Spotify Technology Trading Up 2.8 %

Spotify Technology stock opened at $289.20 on Wednesday. The stock has a fifty day moving average price of $270.61 and a 200 day moving average price of $217.74. Spotify Technology has a 52 week low of $128.67 and a 52 week high of $319.30.

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

Institutional Trading of Spotify Technology

A number of institutional investors and hedge funds have recently modified their holdings of the business. Wellington Management Group LLP grew its position in shares of Spotify Technology by 61.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock valued at $459,364,000 after buying an additional 1,133,305 shares during the last quarter. Schroder Investment Management Group grew its holdings in shares of Spotify Technology by 303.4% during the third quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock valued at $203,396,000 after purchasing an additional 989,243 shares during the last quarter. Artisan Partners Limited Partnership raised its position in shares of Spotify Technology by 194.7% during the 3rd 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 during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Spotify Technology by 16.5% in the 3rd 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 during the last quarter. Finally, Norges Bank acquired a new position in Spotify Technology during the 4th quarter valued at approximately $92,429,000. 84.09% of the stock is owned by institutional investors and hedge funds.

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.