Spotify Technology (NYSE:SPOT) Earns Neutral Rating from Piper Sandler

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

A number of other analysts also recently issued reports on SPOT. Wells Fargo & Company raised their target price on Spotify Technology from $250.00 to $280.00 and gave the stock an overweight rating in a research note on Wednesday, January 31st. Bank of America increased their price target on Spotify Technology from $265.00 to $315.00 and gave the stock a buy rating in a report on Wednesday, March 20th. JPMorgan Chase & Co. increased their price target on Spotify Technology from $320.00 to $365.00 and gave the stock an overweight rating in a report on Wednesday. Benchmark increased their price target on Spotify Technology from $325.00 to $375.00 and gave the stock a buy rating in a report on Wednesday. Finally, Canaccord Genuity Group increased their price target on Spotify Technology from $315.00 to $330.00 and gave the stock a buy rating in a report on Monday, April 22nd. Eight analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology presently has an average rating of Moderate Buy and an average target price of $301.81.

Spotify Technology Stock Up 0.2 %

Shares of SPOT opened at $289.68 on Wednesday. Spotify Technology has a 52-week low of $128.67 and a 52-week high of $319.30. The company has a market capitalization of $57.45 billion, a PE ratio of -432.35 and a beta of 1.63. The stock has a fifty day simple moving average of $271.48 and a two-hundred day simple moving average of $218.66.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. The business had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.87 billion. During the same period last year, the company earned ($1.24) EPS. As a group, equities analysts anticipate that Spotify Technology will post 3.97 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently made changes to their positions in SPOT. Impact Partnership Wealth LLC acquired a new position in Spotify Technology during the third quarter worth approximately $43,000. Exchange Traded Concepts LLC increased its position in Spotify Technology by 122.0% during the third quarter. Exchange Traded Concepts LLC now owns 7,795 shares of the company’s stock worth $1,205,000 after buying an additional 4,283 shares during the period. ARK Investment Management LLC increased its position in Spotify Technology by 774.6% during the third quarter. ARK Investment Management LLC now owns 112,940 shares of the company’s stock worth $17,465,000 after buying an additional 100,026 shares during the period. Asset Management One Co. Ltd. increased its position in Spotify Technology by 87.7% during the third quarter. Asset Management One Co. Ltd. now owns 49,807 shares of the company’s stock worth $7,702,000 after buying an additional 23,272 shares during the period. Finally, Handelsbanken Fonder AB increased its holdings in shares of Spotify Technology by 0.9% in the third quarter. Handelsbanken Fonder AB now owns 25,475 shares of the company’s stock valued at $3,939,000 after purchasing an additional 236 shares during the period. 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.