Rosenblatt Securities Increases Spotify Technology (NYSE:SPOT) Price Target to $425.00


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Spotify Technology (NYSE:SPOT) had its target price lifted by analysts at Rosenblatt Securities from $390.00 to $425.00 in a research note issued to investors on Tuesday, Stock Target Advisor reports. The brokerage presently has a “buy” rating on the stock. Rosenblatt Securities’ target price suggests a potential upside of 35.74% from the stock’s previous close.

Several other equities research analysts have also recently commented on SPOT. UBS Group cut their price target on Spotify Technology from $255.00 to $235.00 and set a “sell” rating for the company in a report on Thursday, February 4th. JPMorgan Chase & Co. raised their target price on Spotify Technology from $350.00 to $385.00 and gave the stock an “overweight” rating in a research note on Tuesday. Barclays lifted their price objective on Spotify Technology from $310.00 to $340.00 in a research note on Thursday, February 4th. Zacks Investment Research lowered Spotify Technology from a “hold” rating to a “sell” rating in a report on Wednesday, February 10th. Finally, Monness Crespi & Hardt lifted their target price on Spotify Technology from $310.00 to $380.00 and gave the company a “buy” rating in a report on Wednesday, December 30th. Seven analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Spotify Technology currently has an average rating of “Hold” and a consensus price target of $285.85.

Shares of SPOT stock traded down $36.80 during mid-day trading on Tuesday, reaching $313.11. The stock had a trading volume of 20,048 shares, compared to its average volume of 1,654,596. The business’s fifty day moving average is $334.09 and its 200-day moving average is $287.67. The firm has a market cap of $56.12 billion, a price-to-earnings ratio of -73.50 and a beta of 1.64. Spotify Technology has a 1-year low of $109.18 and a 1-year high of $387.44.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Wednesday, February 3rd. The company reported ($0.66) EPS for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.10. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.15 billion. Spotify Technology had a negative return on equity of 30.46% and a negative net margin of 8.73%. The company’s revenue was up 16.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.14) earnings per share. Analysts forecast that Spotify Technology will post -3.71 earnings per share for the current year.

A number of large investors have recently added to or reduced their stakes in SPOT. Jennison Associates LLC boosted its position in Spotify Technology by 45.2% in the fourth quarter. Jennison Associates LLC now owns 6,036,247 shares of the company’s stock valued at $1,899,365,000 after buying an additional 1,880,170 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Spotify Technology by 6.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,252,970 shares of the company’s stock worth $4,484,840,000 after buying an additional 864,572 shares during the last quarter. ARK Investment Management LLC raised its stake in shares of Spotify Technology by 177.4% during the third quarter. ARK Investment Management LLC now owns 1,124,066 shares of the company’s stock worth $272,665,000 after buying an additional 718,914 shares during the last quarter. Morgan Stanley raised its stake in shares of Spotify Technology by 3.2% during the third quarter. Morgan Stanley now owns 17,940,708 shares of the company’s stock worth $4,351,879,000 after buying an additional 555,409 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. increased its stake in Spotify Technology by 233.8% in the third quarter. Nikko Asset Management Americas Inc. now owns 708,927 shares of the company’s stock valued at $173,687,000 after purchasing an additional 496,537 shares in the last quarter. Hedge funds and other institutional investors own 55.93% of the company’s stock.

Spotify Technology Company Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming services in the United States, the United Kingdom, Luxembourg, and internationally. It operates through two segments, Premium and Ad-Supported. The company offers unlimited online and offline high-quality streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.

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