Spotify Technology (NYSE:SPOT) Given “Neutral” Rating at Piper Sandler

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

Several other research firms have also recently commented on SPOT. Wells Fargo & Company upped their price target on Spotify Technology from $250.00 to $280.00 and gave the stock an overweight rating in a research note on Wednesday, January 31st. JPMorgan Chase & Co. upped their price target on Spotify Technology from $320.00 to $365.00 and gave the stock an overweight rating in a research note on Wednesday. Canaccord Genuity Group upped their price target on Spotify Technology from $315.00 to $330.00 and gave the stock a buy rating in a research note on Monday. UBS Group upped their price target on Spotify Technology from $274.00 to $375.00 and gave the stock a buy rating in a research note on Friday, April 5th. Finally, KeyCorp upped their price target on Spotify Technology from $300.00 to $350.00 and gave the stock an overweight rating in a research note on Friday, April 12th. Eight analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $301.81.

Spotify Technology Trading Down 7.2 %

SPOT stock opened at $281.34 on Wednesday. The company has a market capitalization of $55.80 billion, a P/E ratio of -419.90 and a beta of 1.63. Spotify Technology has a twelve month low of $128.67 and a twelve month high of $319.30. The business has a 50 day simple moving average of $269.74 and a 200-day simple moving average of $217.24.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.42. The business 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 company earned ($1.24) earnings per share. Research analysts predict that Spotify Technology will post 3.52 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Several hedge funds and other institutional investors have recently bought and sold shares of SPOT. Future Financial Wealth Managment LLC acquired a new stake in shares of Spotify Technology during the first quarter worth $40,000. Pinnacle Bancorp Inc. acquired a new stake in Spotify Technology in the 4th quarter worth about $29,000. GAMMA Investing LLC purchased a new stake in Spotify Technology in the 4th quarter valued at about $32,000. First Horizon Advisors Inc. grew 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. Finally, Spire Wealth Management grew its holdings in Spotify Technology by 93.1% in the 1st quarter. Spire Wealth Management now owns 197 shares of the company’s stock valued at $52,000 after buying an additional 95 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

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.