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

Spotify Technology (NYSE:SPOT)‘s stock had its “neutral” rating reiterated by research analysts at Rosenblatt Securities in a research note issued on Wednesday,Benzinga reports. They currently have a $658.00 target price on the stock, up from their prior target price of $473.00. Rosenblatt Securities’ target price suggests a potential upside of 5.67% from the stock’s current price.

Several other research firms have also commented on SPOT. Pivotal Research boosted their price objective on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Macquarie lifted their price objective on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. KeyCorp lifted their price target on Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Phillip Securities reissued an “accumulate” rating and set a $485.00 price target (up previously from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. Finally, UBS Group raised their price objective on shares of Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and an average price target of $473.36.

Spotify Technology Price Performance

Shares of SPOT stock opened at $622.69 on Wednesday. Spotify Technology has a 1-year low of $219.36 and a 1-year high of $623.40. The company has a market cap of $123.95 billion, a price-to-earnings ratio of 169.21 and a beta of 1.63. The stock has a 50 day simple moving average of $485.02 and a 200-day simple moving average of $409.38.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The company had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same quarter in the prior year, the company posted $0.36 earnings per share. The business’s revenue was up 18.8% on a year-over-year basis. Analysts anticipate that Spotify Technology will post 5.91 earnings per share for the current fiscal year.

Institutional Trading of Spotify Technology

Large investors have recently made changes to their positions in the company. Jennison Associates LLC purchased a new stake in Spotify Technology during the 4th quarter worth about $1,335,575,000. Forsta AP Fonden purchased a new stake in Spotify Technology during the fourth quarter worth approximately $619,600,000. WCM Investment Management LLC boosted its holdings in Spotify Technology by 18.5% in the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after purchasing an additional 605,755 shares in the last quarter. International Assets Investment Management LLC increased its stake in Spotify Technology by 36,910.0% in the third quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock valued at $128,073,000 after purchasing an additional 346,585 shares during the last quarter. Finally, FMR LLC raised its holdings in Spotify Technology by 23.4% during the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after purchasing an additional 297,035 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

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.