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

Spotify Technology (NYSE:SPOT)‘s stock had its “neutral” rating reissued by Piper Sandler in a research report issued on Wednesday, Benzinga reports. They presently have a $320.00 price objective on the stock, up from their prior price objective of $300.00. Piper Sandler’s price target indicates a potential upside of 14.04% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on SPOT. Macquarie raised their target price on Spotify Technology from $300.00 to $330.00 and gave the stock an “outperform” rating in a research note on Monday. JPMorgan Chase & Co. raised their price target on Spotify Technology from $320.00 to $365.00 and gave the stock an “overweight” rating in a research report on Wednesday. Canaccord Genuity Group raised their price target on Spotify Technology from $315.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday. KeyCorp raised their price target on Spotify Technology from $300.00 to $350.00 and gave the stock an “overweight” rating in a research report on Friday, April 12th. Finally, HSBC began coverage on Spotify Technology in a research report on Wednesday, March 27th. They set a “buy” rating and a $310.00 price target for the company. Eight equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $290.85.

Spotify Technology Price Performance

SPOT stock traded down $22.70 during mid-day trading on Wednesday, reaching $280.61. 4,708,982 shares of the company’s stock were exchanged, compared to its average volume of 2,135,399. The company has a market cap of $55.65 billion, a price-to-earnings ratio of -96.36 and a beta of 1.63. The stock’s 50 day moving average is $269.00 and its 200 day moving average is $216.78. Spotify Technology has a 12-month low of $128.67 and a 12-month high of $319.30.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. During the same quarter in the prior year, the business posted ($1.24) earnings per share. On average, research analysts forecast that Spotify Technology will post 3.5 earnings per share for the current fiscal year.

Institutional Trading of Spotify Technology

Hedge funds and other institutional investors have recently made changes to their positions in the company. Technology Crossover Management XI Ltd. increased its position in Spotify Technology by 36.2% in the 3rd quarter. Technology Crossover Management XI Ltd. now owns 1,297,323 shares of the company’s stock valued at $200,618,000 after acquiring an additional 344,841 shares during the period. Nordea Investment Management AB increased its position in Spotify Technology by 7.9% in the 4th quarter. Nordea Investment Management AB now owns 248,659 shares of the company’s stock valued at $46,927,000 after acquiring an additional 18,105 shares during the period. Assenagon Asset Management S.A. increased 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 valued at $18,372,000 after acquiring an additional 78,609 shares during the period. GSA Capital Partners LLP boosted its holdings in Spotify Technology by 452.4% in the 3rd quarter. GSA Capital Partners LLP now owns 14,242 shares of the company’s stock valued at $2,202,000 after purchasing an additional 11,664 shares in the last quarter. Finally, Rheos Capital Works Inc. boosted its holdings in Spotify Technology by 205.7% in the 4th quarter. Rheos Capital Works Inc. now owns 107,000 shares of the company’s stock valued at $20,106,000 after purchasing an additional 72,000 shares in the last quarter. Institutional investors and hedge funds 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.