Spotify Technology (NYSE:SPOT) Given “Buy” Rating at Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of Spotify Technology (NYSE:SPOTFree Report) in a research report sent to investors on Tuesday, Benzinga reports. The firm currently has a $396.00 price objective on the stock.

Several other equities analysts have also recently weighed in on the company. HSBC lifted their price objective on Spotify Technology from $310.00 to $355.00 and gave the company a buy rating in a report on Wednesday, April 24th. Morgan Stanley upped their price target on shares of Spotify Technology from $270.00 to $350.00 and gave the stock an overweight rating in a report on Monday, April 22nd. Raymond James lifted their price objective on shares of Spotify Technology from $260.00 to $320.00 and gave the company an outperform rating in a research note on Monday, April 15th. Guggenheim raised their target price on Spotify Technology from $290.00 to $350.00 and gave the company a buy rating in a report on Wednesday, April 24th. Finally, JPMorgan Chase & Co. boosted their price target on Spotify Technology from $320.00 to $365.00 and gave the stock an overweight rating in a report on Wednesday, April 24th. Eight analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to MarketBeat.com, Spotify Technology presently has a consensus rating of Moderate Buy and a consensus target price of $306.81.

View Our Latest Stock Analysis on Spotify Technology

Spotify Technology Stock Up 4.1 %

Shares of Spotify Technology stock opened at $326.63 on Tuesday. The stock has a market cap of $62.13 billion, a P/E ratio of -487.50 and a beta of 1.61. Spotify Technology has a 12-month low of $129.23 and a 12-month high of $326.76. The business’s 50 day moving average is $294.46 and its 200-day moving average is $245.41.

Spotify Technology (NYSE:SPOTGet Free Report) last announced 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. The company had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. During the same quarter last year, the firm posted ($1.24) EPS. On average, sell-side analysts expect that Spotify Technology will post 4.78 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP lifted its holdings 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 valued at $459,364,000 after purchasing an additional 1,133,305 shares in the last quarter. GQG Partners LLC purchased a new position in Spotify Technology during the 1st quarter worth $610,040,000. Acadian Asset Management LLC grew its stake in shares of Spotify Technology by 11.5% in the 3rd quarter. Acadian Asset Management LLC now owns 1,916,821 shares of the company’s stock worth $296,376,000 after acquiring an additional 197,368 shares in the last quarter. Artisan Partners Limited Partnership raised its holdings in shares of Spotify Technology by 24.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,400,811 shares of the company’s stock valued at $263,226,000 after purchasing an additional 277,733 shares during the last quarter. Finally, Schroder Investment Management Group lifted its position 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 in the last quarter. 84.09% of the stock is owned by institutional investors.

About Spotify Technology

(Get Free Report)

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.

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Analyst Recommendations for Spotify Technology (NYSE:SPOT)

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