Rosenblatt Securities Issues Pessimistic Forecast for Spotify Technology (NYSE:SPOT) Stock Price

Spotify Technology (NYSE:SPOT - Get Free Report) had its price objective cut by equities research analysts at Rosenblatt Securities from $658.00 to $657.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Rosenblatt Securities' price target indicates a potential upside of 2.21% from the company's current price.

Other equities analysts have also issued research reports about the company. KeyCorp lowered their price target on Spotify Technology from $675.00 to $625.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Canaccord Genuity Group upped their price target on Spotify Technology from $650.00 to $700.00 and gave the stock a "buy" rating in a research note on Wednesday, February 5th. Barclays lifted their price objective on shares of Spotify Technology from $475.00 to $710.00 and gave the company an "overweight" rating in a research report on Wednesday, February 5th. Cantor Fitzgerald cut their price objective on shares of Spotify Technology from $600.00 to $520.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. Finally, Benchmark raised their target price on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a "buy" rating in a research note on Wednesday, February 5th. Eight equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $604.76.

Spotify Technology Trading Up 6.7 %

Shares of Spotify Technology stock traded up $40.51 on Wednesday, hitting $642.77. The stock had a trading volume of 4,848,856 shares, compared to its average volume of 2,162,090. The stock has a market cap of $131.58 billion, a price-to-earnings ratio of 108.03 and a beta of 1.75. Spotify Technology has a 52-week low of $286.21 and a 52-week high of $653.32. The company's 50 day moving average price is $570.40 and its 200 day moving average price is $514.59.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). The firm had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. Spotify Technology's revenue was up 15.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.97 earnings per share. Analysts predict that Spotify Technology will post 10.3 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Several institutional investors have recently added to or reduced their stakes in the business. Thrivent Financial for Lutherans grew its position in shares of Spotify Technology by 566.1% during the 4th quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock valued at $3,541,000 after buying an additional 6,782 shares during the last quarter. Jennison Associates LLC bought a new position in shares of Spotify Technology during the fourth quarter valued at approximately $1,335,575,000. Marks Group Wealth Management Inc acquired a new stake in shares of Spotify Technology during the 4th quarter worth approximately $535,000. Patriot Financial Group Insurance Agency LLC bought a new stake in shares of Spotify Technology in the 4th quarter worth approximately $214,000. Finally, Swedbank AB lifted its holdings in shares of Spotify Technology by 20.9% in the 4th quarter. Swedbank AB now owns 946,129 shares of the company's stock worth $423,279,000 after purchasing an additional 163,626 shares during the last quarter. 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.