Spotify Technology (NYSE:SPOT) Given New $420.00 Price Target at Guggenheim

Spotify Technology (NYSE:SPOT) had its price target upped by Guggenheim from $400.00 to $420.00 in a research note published on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

SPOT has been the subject of a number of other research reports. DZ Bank raised shares of Spotify Technology from a hold rating to a buy rating and set a $375.00 target price for the company in a research report on Wednesday. Barclays raised their target price on shares of Spotify Technology from $350.00 to $360.00 and gave the stock an overweight rating in a report on Wednesday. Raymond James boosted their price target on Spotify Technology from $260.00 to $320.00 and gave the company an outperform rating in a research note on Monday, April 15th. Deutsche Bank Aktiengesellschaft raised their price objective on Spotify Technology from $260.00 to $340.00 and gave the stock a buy rating in a research note on Wednesday, April 17th. Finally, TD Cowen upped their target price on Spotify Technology from $273.00 to $356.00 and gave the company a hold rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $353.15.

Spotify Technology Stock Performance

Shares of SPOT opened at $321.88 on Wednesday. Spotify Technology has a 52 week low of $129.23 and a 52 week high of $346.23. The firm’s 50-day simple moving average is $310.88 and its 200 day simple moving average is $277.48. The company has a current ratio of 1.56, a quick ratio of 1.42 and a debt-to-equity ratio of 0.31.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The business had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same quarter in the prior year, the business earned ($1.69) EPS. Spotify Technology’s quarterly revenue was up 19.8% on a year-over-year basis. Sell-side analysts forecast that Spotify Technology will post 5.88 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. grew 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 in the last quarter. Evoke Wealth LLC purchased a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $2,271,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Spotify Technology by 30.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock worth $21,024,000 after acquiring an additional 18,731 shares during the period. Franklin Resources Inc. grew its stake in Spotify Technology by 1,500.5% in the 4th quarter. Franklin Resources Inc. now owns 70,151 shares of the company’s stock valued at $13,182,000 after purchasing an additional 65,768 shares during the period. Finally, TD Asset Management Inc increased its position in shares of Spotify Technology by 2.4% during the 1st quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock valued at $135,339,000 after purchasing an additional 12,192 shares during the last quarter. 84.09% of the stock is owned by 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.