Piper Sandler Reaffirms “Neutral” Rating for Spotify Technology (NYSE:SPOT)

Piper Sandler reaffirmed their neutral rating on shares of Spotify Technology (NYSE:SPOT) in a research report released on Wednesday, Benzinga reports. The firm currently has a $320.00 target price on the stock, up from their prior target price of $300.00.

SPOT has been the subject of a number of other research reports. Wells Fargo & Company boosted their price target on Spotify Technology from $250.00 to $280.00 and gave the stock an overweight rating in a research report on Wednesday, January 31st. Bank of America boosted their price target on Spotify Technology from $265.00 to $315.00 and gave the stock a buy rating in a research report on Wednesday, March 20th. Canaccord Genuity Group boosted their price target on Spotify Technology from $315.00 to $330.00 and gave the stock a buy rating in a research report on Monday. Rosenblatt Securities boosted their price target on Spotify Technology from $315.00 to $396.00 and gave the stock a buy rating in a research report on Wednesday. Finally, Pivotal Research boosted their price target on Spotify Technology from $390.00 to $400.00 and gave the stock a buy rating in a research report on Tuesday. Eight investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $301.81.

Spotify Technology Price Performance

Shares of SPOT opened at $281.34 on Wednesday. The company has a market cap of $55.80 billion, a P/E ratio of -419.90 and a beta of 1.63. The stock has a fifty day moving average price of $269.74 and a 200 day moving average price of $217.24. Spotify Technology has a 12 month low of $128.67 and a 12 month high of $319.30.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42. The firm had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative return on equity of 4.91% and a negative net margin of 0.80%. During the same period in the prior year, the business earned ($1.24) EPS. As a group, research analysts anticipate that Spotify Technology will post 3.52 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Technology Crossover Management XI Ltd. raised its position in Spotify Technology by 36.2% during the third quarter. Technology Crossover Management XI Ltd. now owns 1,297,323 shares of the company’s stock valued at $200,618,000 after buying an additional 344,841 shares during the period. Nordea Investment Management AB raised its position in Spotify Technology by 7.9% during the fourth quarter. Nordea Investment Management AB now owns 248,659 shares of the company’s stock valued at $46,927,000 after buying an additional 18,105 shares during the period. Assenagon Asset Management S.A. increased its position in Spotify Technology by 410.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 97,771 shares of the company’s stock worth $18,372,000 after purchasing an additional 78,609 shares during the last quarter. GSA Capital Partners LLP increased its position in Spotify Technology by 452.4% in the 3rd quarter. GSA Capital Partners LLP now owns 14,242 shares of the company’s stock worth $2,202,000 after purchasing an additional 11,664 shares during the last quarter. Finally, Rheos Capital Works Inc. increased its position in Spotify Technology by 205.7% in the 4th quarter. Rheos Capital Works Inc. now owns 107,000 shares of the company’s stock worth $20,106,000 after purchasing an additional 72,000 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

About Spotify Technology

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.