Spotify Technology (NYSE:SPOT) Price Target Raised to $510.00 at Pivotal Research

Spotify Technology (NYSE:SPOT) had its price target hoisted by Pivotal Research from $460.00 to $510.00 in a research report issued on Thursday, Marketbeat Ratings reports. The brokerage presently has a “buy” rating on the stock. Pivotal Research’s price objective points to a potential upside of 39.73% from the company’s previous close.

SPOT has been the subject of a number of other reports. KeyCorp upped their price target on Spotify Technology from $420.00 to $440.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Macquarie raised their target price on Spotify Technology from $345.00 to $395.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Jefferies Financial Group reissued a “buy” rating and set a $385.00 price target (up previously from $242.00) on shares of Spotify Technology in a research report on Thursday, July 11th. Rosenblatt Securities upped their price objective on shares of Spotify Technology from $396.00 to $399.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Finally, Redburn Atlantic reaffirmed a “sell” rating and set a $230.00 target price on shares of Spotify Technology in a research note on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $359.14.

Spotify Technology Trading Up 1.3 %

Shares of SPOT stock opened at $365.00 on Thursday. Spotify Technology has a fifty-two week low of $145.76 and a fifty-two week high of $368.29. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The stock’s fifty day moving average is $331.49 and its two-hundred day moving average is $307.11. The firm has a market capitalization of $72.65 billion, a P/E ratio of -544.77 and a beta of 1.57.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The firm had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. During the same period last year, the firm posted ($1.69) earnings per share. The company’s revenue for the quarter was up 19.8% on a year-over-year basis. Research analysts expect that Spotify Technology will post 6.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GQG Partners LLC acquired a new stake in shares of Spotify Technology in the first quarter valued at $610,040,000. Swedbank AB acquired a new stake in Spotify Technology in the 1st quarter valued at about $198,663,000. Norges Bank purchased a new position in shares of Spotify Technology in the 4th quarter valued at about $92,429,000. 1832 Asset Management L.P. acquired a new position in shares of Spotify Technology during the fourth quarter worth about $83,094,000. Finally, Sei Investments Co. increased its stake in shares of Spotify Technology by 106.8% during the second quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock worth $202,828,000 after buying an additional 333,782 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

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.