Spotify Technology (NYSE:SPOT) Earns "Neutral" Rating from Piper Sandler

Spotify Technology (NYSE:SPOT - Get Free Report)'s stock had its "neutral" rating reiterated by investment analysts at Piper Sandler in a research report issued on Wednesday, Benzinga reports. They currently have a $320.00 target price on the stock, up from their previous target price of $300.00. Piper Sandler's price objective suggests a potential upside of 13.79% from the company's previous close.

Other research analysts have also issued reports about the stock. Bank of America increased their target price on shares of Spotify Technology from $265.00 to $315.00 and gave the stock a "buy" rating in a research note on Wednesday, March 20th. Raymond James upped their price target on Spotify Technology from $260.00 to $320.00 and gave the stock an "outperform" rating in a research note on Monday, April 15th. Macquarie upped their target price on Spotify Technology from $300.00 to $330.00 and gave the stock an "outperform" rating in a research report on Monday. TheStreet upgraded shares of Spotify Technology from a "d+" rating to a "c-" rating in a report on Friday, February 9th. Finally, The Goldman Sachs Group raised their price target on shares of Spotify Technology from $235.00 to $277.00 and gave the company a "neutral" rating in a research report on Wednesday, April 17th. Eight research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $301.81.

Spotify Technology Trading Down 7.3 %

NYSE:SPOT traded down $22.08 on Wednesday, hitting $281.23. The company had a trading volume of 8,236,722 shares, compared to its average volume of 2,183,022. The stock has a market capitalization of $55.78 billion, a price-to-earnings ratio of -96.07 and a beta of 1.63. The firm has a 50 day moving average of $269.00 and a two-hundred day moving average of $216.78. Spotify Technology has a 52 week low of $128.67 and a 52 week high of $319.30.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its earnings results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $0.63 by $0.42. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The business had revenue of $3.95 billion for the quarter, compared to analysts' expectations of $3.87 billion. During the same period in the prior year, the business posted ($1.24) earnings per share. As a group, equities analysts forecast that Spotify Technology will post 3.5 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SPOT. Simplicity Wealth LLC bought a new position in Spotify Technology in the 1st quarter valued at $456,000. Spire Wealth Management lifted its stake in Spotify Technology by 93.1% during the first quarter. Spire Wealth Management now owns 197 shares of the company's stock worth $52,000 after purchasing an additional 95 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Spotify Technology by 55.2% during the first quarter. Assenagon Asset Management S.A. now owns 151,747 shares of the company's stock valued at $40,046,000 after purchasing an additional 53,976 shares during the period. Global Retirement Partners LLC raised its holdings in Spotify Technology by 90.5% during the 1st quarter. Global Retirement Partners LLC now owns 383 shares of the company's stock valued at $101,000 after buying an additional 182 shares during the last quarter. Finally, Wesbanco Bank Inc. bought a new stake in Spotify Technology during the 1st quarter valued at $1,468,000. Institutional investors own 84.09% of the company's stock.

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.