Macquarie Reiterates “Outperform” Rating for Spotify Technology (NYSE:SPOT)

Spotify Technology (NYSE:SPOTGet Free Report)‘s stock had its “outperform” rating reaffirmed by stock analysts at Macquarie in a research report issued on Wednesday, Benzinga reports. They currently have a $300.00 target price on the stock, up from their previous target price of $232.00. Macquarie’s target price would suggest a potential upside of 24.57% from the stock’s previous close.

SPOT has been the topic of several other research reports. DZ Bank raised shares of Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 target price on the stock in a research note on Wednesday. Robert W. Baird raised their target price on shares of Spotify Technology from $185.00 to $225.00 and gave the company an “outperform” rating in a research note on Friday, December 8th. Rosenblatt Securities raised their target price on shares of Spotify Technology from $300.00 to $315.00 and gave the company a “buy” rating in a research note on Wednesday. Raymond James raised their target price on shares of Spotify Technology from $180.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, December 11th. Finally, TD Cowen began coverage on shares of Spotify Technology in a research note on Monday, October 23rd. They set a “market perform” rating and a $129.00 target price on the stock. Six research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $223.36.

Get Our Latest Research Report on SPOT

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $240.83 on Wednesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.27 and a quick ratio of 1.27. Spotify Technology has a 1-year low of $114.64 and a 1-year high of $248.67. The company’s fifty day moving average is $200.61 and its two-hundred day moving average is $171.88.

Spotify Technology (NYSE:SPOTGet Free Report) last released its quarterly earnings data on Tuesday, February 6th. The company reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 24.35%. The business had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter last year, the company earned ($1.43) EPS. The company’s revenue for the quarter was up 16.0% compared to the same quarter last year. Equities research analysts forecast that Spotify Technology will post 2.44 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Several institutional investors have recently made changes to their positions in SPOT. Acadian Asset Management LLC boosted its holdings in shares of Spotify Technology by 55,455.8% during the second quarter. Acadian Asset Management LLC now owns 1,719,453 shares of the company’s stock worth $276,015,000 after purchasing an additional 1,716,358 shares during the period. Norges Bank bought a new position in Spotify Technology during the fourth quarter valued at approximately $123,027,000. Wellington Management Group LLP raised its position in Spotify Technology by 61.7% during the third quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock valued at $459,364,000 after acquiring an additional 1,133,305 shares in the last quarter. Schroder Investment Management Group raised its position in Spotify Technology by 303.4% during the third quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock valued at $203,396,000 after acquiring an additional 989,243 shares in the last quarter. Finally, Artisan Partners Limited Partnership raised its position in Spotify Technology by 194.7% during the third quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock valued at $173,673,000 after acquiring an additional 741,955 shares in the last quarter. 56.89% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Company Profile

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Spotify Technology SA, together with its subsidiaries, provides audio streaming 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.

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Analyst Recommendations for Spotify Technology (NYSE:SPOT)

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