Spotify Technology (NYSE:SPOT) Upgraded at Phillip Securities

Phillip Securities upgraded shares of Spotify Technology (NYSE:SPOT) from a moderate sell rating to a hold rating in a report released on Monday morning,Zacks.com reports.

A number of other research analysts have also recently commented on SPOT. Loop Capital upped their target price on Spotify Technology from $435.00 to $550.00 and gave the company a “hold” rating in a research note on Friday, May 2nd. UBS Group cut their price objective on Spotify Technology from $895.00 to $850.00 and set a “buy” rating on the stock in a research report on Wednesday, July 30th. The Goldman Sachs Group lifted their target price on Spotify Technology from $680.00 to $775.00 and gave the stock a “buy” rating in a research report on Wednesday, July 2nd. Rosenblatt Securities reduced their price target on shares of Spotify Technology from $703.00 to $679.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Spotify Technology from $700.00 to $775.00 and gave the company a “buy” rating in a research report on Wednesday, July 23rd. Ten research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $718.90.

Spotify Technology Price Performance

NYSE SPOT opened at $666.91 on Monday. Spotify Technology has a 1-year low of $319.07 and a 1-year high of $785.00. The business has a 50 day simple moving average of $700.75 and a two-hundred day simple moving average of $627.08. The stock has a market capitalization of $136.52 billion, a PE ratio of 161.87, a P/E/G ratio of 2.80 and a beta of 1.69.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of $2.00 by ($2.42). The business had revenue of $4.94 billion during the quarter, compared to analysts’ expectations of $4.29 billion. Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%. The business’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.33 earnings per share. On average, analysts anticipate that Spotify Technology will post 10.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Several institutional investors have recently bought and sold shares of SPOT. Prospera Financial Services Inc grew its holdings in Spotify Technology by 27.9% during the 2nd quarter. Prospera Financial Services Inc now owns 1,947 shares of the company’s stock worth $1,494,000 after acquiring an additional 425 shares in the last quarter. RWA Wealth Partners LLC lifted its holdings in Spotify Technology by 19.8% during the 2nd quarter. RWA Wealth Partners LLC now owns 4,274 shares of the company’s stock worth $3,280,000 after buying an additional 705 shares during the last quarter. AE Wealth Management LLC lifted its holdings in Spotify Technology by 11.7% during the 2nd quarter. AE Wealth Management LLC now owns 600 shares of the company’s stock worth $461,000 after buying an additional 63 shares during the last quarter. Metis Global Partners LLC boosted its position in shares of Spotify Technology by 48.7% during the 2nd quarter. Metis Global Partners LLC now owns 3,760 shares of the company’s stock worth $2,885,000 after acquiring an additional 1,232 shares in the last quarter. Finally, Penserra Capital Management LLC increased its holdings in shares of Spotify Technology by 129.0% in the 2nd quarter. Penserra Capital Management LLC now owns 7,723 shares of the company’s stock valued at $5,925,000 after acquiring an additional 4,351 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

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.