Spotify Technology (NYSE:SPOT) PT Raised to $510.00 at Pivotal Research

Spotify Technology (NYSE:SPOT) had its target price hoisted by investment analysts at Pivotal Research from $460.00 to $510.00 in a note issued to investors on Thursday, MarketBeat.com reports. The brokerage currently has a “buy” rating on the stock. Pivotal Research’s target price suggests a potential upside of 39.73% from the stock’s previous close.

A number of other equities analysts also recently issued reports on the company. Macquarie upped their price target on Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. increased their price objective on shares of Spotify Technology from $375.00 to $425.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Guggenheim boosted their target price on shares of Spotify Technology from $400.00 to $420.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Wolfe Research initiated coverage on shares of Spotify Technology in a report on Friday, July 12th. They issued an “outperform” rating and a $390.00 price target for the company. Finally, Morgan Stanley boosted their price objective on shares of Spotify Technology from $370.00 to $400.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $359.14.

Spotify Technology Trading Up 1.3 %

Shares of NYSE SPOT opened at $365.00 on Thursday. Spotify Technology has a 1-year low of $145.76 and a 1-year high of $368.29. The business has a fifty day moving average price of $331.49 and a 200 day moving average price of $307.11. The stock has a market capitalization of $72.65 billion, a P/E ratio of -544.77 and a beta of 1.57. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The business had revenue of $3.81 billion during the quarter, compared to analyst estimates of $3.82 billion. During the same period in the prior year, the firm posted ($1.69) earnings per share. The company’s quarterly revenue was up 19.8% on a year-over-year basis. Equities research analysts expect that Spotify Technology will post 6.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

A number of hedge funds have recently bought and sold shares of SPOT. Private Advisor Group LLC lifted its position in shares of Spotify Technology by 5.7% during the 4th quarter. Private Advisor Group LLC now owns 1,397 shares of the company’s stock valued at $263,000 after buying an additional 75 shares in the last quarter. Principal Securities Inc. purchased a new position in Spotify Technology during the fourth quarter valued at $71,000. Dimensional Fund Advisors LP grew its position in shares of Spotify Technology by 1.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 261,508 shares of the company’s stock valued at $49,142,000 after purchasing an additional 4,352 shares during the period. Principal Financial Group Inc. grew its position in shares of Spotify Technology by 212.6% in the fourth quarter. Principal Financial Group Inc. now owns 54,157 shares of the company’s stock valued at $10,177,000 after purchasing an additional 36,835 shares during the period. Finally, Quadrant Capital Group LLC increased its stake in shares of Spotify Technology by 191.4% during the fourth quarter. Quadrant Capital Group LLC now owns 271 shares of the company’s stock worth $51,000 after purchasing an additional 178 shares in the last quarter. Hedge funds and other institutional investors 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.