Piper Sandler Reiterates “Neutral” Rating for Spotify Technology (NYSE:SPOT)

Piper Sandler restated their neutral rating on shares of Spotify Technology (NYSE:SPOT) in a research note issued to investors on Wednesday morning, Benzinga reports. The brokerage currently has a $320.00 target price on the stock, up from their prior target price of $300.00.

Several other analysts have also issued reports on the stock. Rosenblatt Securities upped their price target on shares of Spotify Technology from $315.00 to $396.00 and gave the stock a buy rating in a research report on Wednesday. DZ Bank upgraded 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 note on Wednesday, February 7th. The Goldman Sachs Group lifted their price target on Spotify Technology from $235.00 to $277.00 and gave the stock a neutral rating in a report on Wednesday, April 17th. Barclays upped their price objective on Spotify Technology from $270.00 to $335.00 and gave the company an overweight rating in a research note on Wednesday, April 10th. Finally, Macquarie lifted their target price on Spotify Technology from $300.00 to $330.00 and gave the stock an outperform rating in a research note on Monday, April 22nd. Eight analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $301.81.

Spotify Technology Stock Up 0.2 %

Spotify Technology stock opened at $289.59 on Wednesday. The company has a fifty day simple moving average of $271.48 and a 200 day simple moving average of $219.09. Spotify Technology has a 1-year low of $128.67 and a 1-year high of $319.30.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.42. The business had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.87 billion. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. During the same quarter in the prior year, the company posted ($1.24) earnings per share. On average, equities analysts expect that Spotify Technology will post 4.49 earnings per share for the current fiscal year.

Institutional Trading of Spotify Technology

Several large investors have recently made changes to their positions in the company. First Horizon Advisors Inc. raised its position in Spotify Technology by 195.0% during the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock valued at $27,000 after purchasing an additional 117 shares in the last quarter. Pinnacle Bancorp Inc. acquired a new position in shares of Spotify Technology during the 4th quarter worth $29,000. GAMMA Investing LLC acquired a new position in shares of Spotify Technology during the 4th quarter worth $32,000. Lindbrook Capital LLC boosted its stake in Spotify Technology by 32.3% in the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after buying an additional 50 shares in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in Spotify Technology in the first quarter valued at about $40,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

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.