Morgan Stanley Boosts Spotify Technology (NYSE:SPOT) Price Target to $430.00

Spotify Technology (NYSE:SPOT) had its target price hoisted by Morgan Stanley from $400.00 to $430.00 in a research report report published on Wednesday, Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

Several other research analysts have also commented on SPOT. DZ Bank raised shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective for the company in a research note on Wednesday, July 24th. Redburn Atlantic reaffirmed a “sell” rating and set a $230.00 price objective on shares of Spotify Technology in a research note on Wednesday, July 10th. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $320.00 to $425.00 in a research note on Wednesday, July 24th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $340.00 price objective on shares of Spotify Technology in a research note on Monday, October 7th. Finally, Rosenblatt Securities lifted their price objective on shares of Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $369.43.

Spotify Technology Trading Up 0.7 %

SPOT stock opened at $379.37 on Wednesday. The firm has a fifty day moving average price of $356.19 and a 200 day moving average price of $325.20. Spotify Technology has a fifty-two week low of $155.00 and a fifty-two week high of $389.48. 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 firm has a market cap of $72.16 billion, a PE ratio of -566.22 and a beta of 1.58.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share 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 firm had revenue of $3.81 billion during the quarter, compared to analyst estimates of $3.82 billion. During the same period last year, the firm posted ($1.69) earnings per share. Spotify Technology’s revenue for the quarter was up 19.8% compared to the same quarter last year. Sell-side analysts anticipate that Spotify Technology will post 6.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

A number of large investors have recently added to or reduced their stakes in SPOT. Vanguard Group Inc. raised its holdings in Spotify Technology by 6.3% in the fourth quarter. Vanguard Group Inc. now owns 588,847 shares of the company’s stock worth $110,650,000 after purchasing an additional 34,781 shares in the last quarter. Park Avenue Securities LLC raised its holdings in Spotify Technology by 16.5% in the first quarter. Park Avenue Securities LLC now owns 1,943 shares of the company’s stock worth $513,000 after purchasing an additional 275 shares in the last quarter. Brookstone Capital Management raised its holdings in Spotify Technology by 5.0% in the first quarter. Brookstone Capital Management now owns 1,280 shares of the company’s stock worth $338,000 after purchasing an additional 61 shares in the last quarter. Future Financial Wealth Managment LLC bought a new position in Spotify Technology in the first quarter worth about $40,000. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in shares of Spotify Technology by 157.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 4,311 shares of the company’s stock valued at $1,138,000 after acquiring an additional 2,635 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

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.