Rosenblatt Securities Cuts Spotify Technology (NYSE:SPOT) Price Target to $657.00

Spotify Technology (NYSE:SPOT) had its price objective lowered by Rosenblatt Securities from $658.00 to $657.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other research firms have also recently commented on SPOT. Wells Fargo & Company raised their target price on shares of Spotify Technology from $690.00 to $740.00 and gave the stock an “overweight” rating in a research note on Friday, March 28th. Cantor Fitzgerald lowered their price objective on Spotify Technology from $600.00 to $520.00 and set a “neutral” rating on the stock in a report on Wednesday, April 16th. Macquarie boosted their target price on Spotify Technology from $600.00 to $665.00 and gave the stock an “outperform” rating in a research report on Friday, April 25th. Wolfe Research upgraded Spotify Technology from a “peer perform” rating to an “outperform” rating and set a $660.00 price target on the stock in a research note on Monday, April 21st. Finally, FBN Securities assumed coverage on Spotify Technology in a report on Friday, March 28th. They set a “sector perform” rating and a $645.00 price objective on the stock. Eight equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $604.76.

Spotify Technology Stock Up 6.7 %

Shares of SPOT stock opened at $642.77 on Wednesday. The stock’s 50-day moving average price is $570.40 and its 200 day moving average price is $514.59. The stock has a market capitalization of $131.58 billion, a PE ratio of 108.03 and a beta of 1.75. Spotify Technology has a 52-week low of $286.21 and a 52-week high of $653.32.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. During the same period in the previous year, the firm posted $0.97 EPS. The company’s revenue for the quarter was up 15.2% on a year-over-year basis. Analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Institutional Trading of Spotify Technology

Several institutional investors and hedge funds have recently made changes to their positions in the stock. HM Payson & Co. lifted its holdings in Spotify Technology by 39.1% in the 1st quarter. HM Payson & Co. now owns 64 shares of the company’s stock valued at $35,000 after purchasing an additional 18 shares in the last quarter. North Star Investment Management Corp. raised its position in shares of Spotify Technology by 52.8% in the first quarter. North Star Investment Management Corp. now owns 55 shares of the company’s stock valued at $30,000 after buying an additional 19 shares during the last quarter. Adero Partners LLC lifted its stake in shares of Spotify Technology by 0.7% during the first quarter. Adero Partners LLC now owns 2,635 shares of the company’s stock valued at $1,449,000 after buying an additional 19 shares during the period. Auxano Advisors LLC boosted its position in Spotify Technology by 2.5% during the fourth quarter. Auxano Advisors LLC now owns 828 shares of the company’s stock worth $370,000 after acquiring an additional 20 shares during the last quarter. Finally, SRS Capital Advisors Inc. grew its stake in Spotify Technology by 4.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 573 shares of the company’s stock worth $256,000 after acquiring an additional 25 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

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.