Spotify Technology (NYSE:SPOT) Upgraded to Hold by DZ Bank

DZ Bank upgraded shares of Spotify Technology (NYSE:SPOTFree Report) from a sell rating to a hold rating in a report published on Wednesday morning, MarketBeat Ratings reports. They currently have $240.00 price target on the stock.

A number of other equities research analysts also recently weighed in on the company. TD Cowen started coverage on Spotify Technology in a research report on Monday, October 23rd. They set a market perform rating and a $129.00 target price on the stock. JPMorgan Chase & Co. upped their target price on Spotify Technology from $190.00 to $205.00 and gave the company an overweight rating in a research note on Wednesday, October 25th. Robert W. Baird lifted their price target on shares of Spotify Technology from $185.00 to $225.00 and gave the stock an outperform rating in a research note on Friday, December 8th. The Goldman Sachs Group increased their price objective on shares of Spotify Technology from $171.00 to $195.00 and gave the company a neutral rating in a research note on Tuesday, January 9th. Finally, Rosenblatt Securities upgraded shares of Spotify Technology from a neutral rating to a buy rating and lifted their target price for the company from $150.00 to $300.00 in a research report on Monday, December 11th. Six equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology currently has a consensus rating of Moderate Buy and a consensus target price of $223.36.

Read Our Latest Analysis on SPOT

Spotify Technology Stock Up 0.3 %

SPOT opened at $240.77 on Wednesday. The business has a 50 day moving average of $202.91 and a 200-day moving average of $173.12. The stock has a market capitalization of $46.98 billion, a price-to-earnings ratio of -81.34 and a beta of 1.60. The company has a current ratio of 1.29, a quick ratio of 1.27 and a debt-to-equity ratio of 0.57. Spotify Technology has a 1-year low of $114.64 and a 1-year high of $248.67.

Spotify Technology (NYSE:SPOTGet Free Report) last issued its quarterly earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.01. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.72 billion. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The business’s revenue was up 16.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.43) EPS. As a group, sell-side analysts anticipate that Spotify Technology will post 2.61 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC increased its position in Spotify Technology by 6.2% in the 2nd quarter. Geode Capital Management LLC now owns 585,543 shares of the company’s stock valued at $94,009,000 after acquiring an additional 34,096 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Spotify Technology by 14.9% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 602,001 shares of the company’s stock worth $96,652,000 after purchasing an additional 78,128 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in Spotify Technology by 669.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 57,871 shares of the company’s stock worth $9,291,000 after buying an additional 50,349 shares in the last quarter. Contravisory Investment Management Inc. bought a new position in Spotify Technology in the 3rd quarter valued at $5,917,000. Finally, Handelsbanken Fonder AB increased its stake in shares of Spotify Technology by 0.9% in the 3rd quarter. Handelsbanken Fonder AB now owns 25,475 shares of the company’s stock valued at $3,939,000 after buying an additional 236 shares during the period. 56.89% of the stock is owned by institutional investors.

Spotify Technology Company Profile

(Get Free Report)

Spotify Technology SA, together with its subsidiaries, provides audio streaming 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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