Spotify Technology (NYSE:SPOT) PT Raised to $118.00

Spotify Technology (NYSE:SPOT – Get Rating) had its target price boosted by equities researchers at Rosenblatt Securities from $101.00 to $118.00 in a report issued on Thursday, MarketBeat reports. The firm currently has a “neutral” rating on the stock. Rosenblatt Securities’ price target would suggest a potential upside of 3.11% from the stock’s current price.

Several other equities analysts have also issued reports on SPOT. Loop Capital cut their price target on Spotify Technology from $280.00 to $110.00 in a research note on Thursday, April 28th. The Goldman Sachs Group cut their target price on Spotify Technology from $150.00 to $133.00 and set a “neutral” rating on the stock in a research note on Thursday, June 9th. Truist Financial cut their target price on Spotify Technology from $210.00 to $150.00 in a research note on Thursday, April 28th. KeyCorp cut their target price on Spotify Technology from $210.00 to $146.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Spotify Technology from $140.00 to $115.00 in a research note on Thursday, April 28th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $186.67.

Spotify Technology Stock Down 1.9 %

NYSE:SPOT traded down $2.17 during trading hours on Thursday, reaching $114.44. The company had a trading volume of 80,183 shares, compared to its average volume of 2,397,862. The stock has a 50-day moving average of $105.39 and a two-hundred day moving average of $133.80. Spotify Technology has a one year low of $89.03 and a one year high of $305.60. The firm has a market capitalization of $21.77 billion, a PE ratio of -158.10 and a beta of 1.79.

Spotify Technology (NYSE:SPOT – Get Rating) last announced its earnings results on Wednesday, July 27th. The company reported ($0.85) EPS for the quarter, missing the consensus estimate of ($0.68) by ($0.17). The business had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.82 billion. Spotify Technology had a return on equity of 3.02% and a net margin of 0.68%. Spotify Technology’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.23) EPS. As a group, sell-side analysts expect that Spotify Technology will post -0.78 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Slow Capital Inc. grew its stake in Spotify Technology by 9.1% in the second quarter. Slow Capital Inc. now owns 12,730 shares of the company’s stock valued at $1,194,000 after purchasing an additional 1,062 shares in the last quarter. Live Oak Private Wealth LLC lifted its position in shares of Spotify Technology by 47.7% in the second quarter. Live Oak Private Wealth LLC now owns 8,041 shares of the company’s stock valued at $754,000 after buying an additional 2,596 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Spotify Technology in the second quarter valued at approximately $37,626,000. Lafayette Investments Inc. lifted its position in shares of Spotify Technology by 4.0% in the second quarter. Lafayette Investments Inc. now owns 13,029 shares of the company’s stock valued at $1,223,000 after buying an additional 507 shares during the last quarter. Finally, Bellecapital International Ltd. acquired a new stake in shares of Spotify Technology in the second quarter valued at approximately $1,694,000. 56.36% of the stock is currently owned by institutional investors.

About Spotify Technology

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Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.