Pivotal Research Increases Spotify Technology (NYSE:SPOT) Price Target to $330.00

Spotify Technology (NYSE:SPOTGet Free Report) had its price target upped by stock analysts at Pivotal Research from $265.00 to $330.00 in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The brokerage currently has a “buy” rating on the stock. Pivotal Research’s target price suggests a potential upside of 37.03% from the stock’s current price.

Several other research analysts have also commented on the stock. Raymond James lifted their price target on shares of Spotify Technology from $180.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, December 11th. Redburn Atlantic downgraded shares of Spotify Technology from a “buy” rating to a “neutral” rating and cut their price objective for the company from $170.00 to $160.00 in a research report on Monday, October 9th. Rosenblatt Securities upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $150.00 to $300.00 in a research report on Monday, December 11th. Barclays lifted their price objective on shares of Spotify Technology from $186.00 to $216.00 and gave the company an “overweight” rating in a research report on Friday, December 8th. Finally, KeyCorp boosted their price target on shares of Spotify Technology from $210.00 to $255.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 5th. Six research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $223.36.

Read Our Latest Report on SPOT

Spotify Technology Stock Up 3.8 %

Shares of NYSE SPOT opened at $240.83 on Tuesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.27 and a current ratio of 1.27. The firm has a market cap of $47.00 billion, a P/E ratio of -60.21 and a beta of 1.60. Spotify Technology has a 1 year low of $114.64 and a 1 year high of $248.67. The firm’s 50 day moving average price is $200.61 and its 200 day moving average price is $171.88.

Spotify Technology (NYSE:SPOTGet Free Report) last announced its quarterly earnings data on Tuesday, February 6th. The company reported ($0.36) earnings per share for the quarter, topping the consensus estimate of ($0.37) by $0.01. The company had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.72 billion. Spotify Technology had a negative net margin of 5.70% and a negative return on equity of 32.26%. The firm’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same period last year, the business earned ($1.43) EPS. As a group, sell-side analysts anticipate that Spotify Technology will post -2.6 earnings per share for the current year.

Hedge Funds Weigh In On Spotify Technology

Several large investors have recently bought and sold shares of SPOT. First Horizon Advisors Inc. increased its holdings in Spotify Technology by 195.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock valued at $27,000 after buying an additional 117 shares during the period. Pinnacle Bancorp Inc. bought a new stake in shares of Spotify Technology in the 4th quarter worth about $29,000. GAMMA Investing LLC bought a new stake in shares of Spotify Technology in the 4th quarter worth about $32,000. Quarry LP bought a new stake in Spotify Technology during the 2nd quarter worth about $35,000. Finally, First Manhattan Co. grew its holdings in Spotify Technology by 65.8% during the 1st quarter. First Manhattan Co. now owns 252 shares of the company’s stock worth $38,000 after acquiring an additional 100 shares during the last quarter. 56.89% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Company Profile

(Get Free Report)

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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