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

Piper Sandler restated their neutral rating on shares of Spotify Technology (NYSE:SPOT) in a report released on Wednesday, Benzinga reports. Piper Sandler currently has a $320.00 price target on the stock, up from their prior price target of $300.00.

A number of other equities analysts also recently commented on the stock. Macquarie lifted their price objective on shares of Spotify Technology from $300.00 to $330.00 and gave the stock an outperform rating in a report on Monday, April 22nd. TheStreet raised shares of Spotify Technology from a d+ rating to a c- rating in a report on Friday, February 9th. Benchmark increased their price objective on shares of Spotify Technology from $325.00 to $375.00 and gave the stock a buy rating in a research note on Wednesday. DZ Bank raised shares of Spotify Technology from a sell rating to a hold rating and set a $240.00 target price on the stock in a report on Wednesday, February 7th. Finally, UBS Group upped their target price on Spotify Technology from $274.00 to $375.00 and gave the company a buy rating in a report on Friday, April 5th. Eight equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $301.81.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $289.59 on Wednesday. Spotify Technology has a 1 year low of $128.67 and a 1 year high of $319.30. The firm’s 50-day simple moving average is $271.48 and its 200-day simple moving average is $219.09.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.42. The firm had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $3.87 billion. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. During the same quarter in the prior year, the firm posted ($1.24) earnings per share. As a group, equities research analysts expect that Spotify Technology will post 4.49 earnings per share for the current year.

Institutional Investors Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPOT. Lindbrook Capital LLC increased its position in shares of Spotify Technology by 32.3% during the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after purchasing an additional 50 shares during the period. Signaturefd LLC lifted its holdings in Spotify Technology by 4.4% in the 4th quarter. Signaturefd LLC now owns 1,222 shares of the company’s stock valued at $230,000 after acquiring an additional 51 shares during the last quarter. Summit Trail Advisors LLC boosted its position in shares of Spotify Technology by 3.5% during the 4th quarter. Summit Trail Advisors LLC now owns 1,664 shares of the company’s stock valued at $313,000 after purchasing an additional 56 shares in the last quarter. Private Trust Co. NA grew its stake in shares of Spotify Technology by 18.4% in the 4th quarter. Private Trust Co. NA now owns 367 shares of the company’s stock worth $69,000 after purchasing an additional 57 shares during the last quarter. Finally, Delta Asset Management LLC TN raised its holdings in shares of Spotify Technology by 6.7% in the 4th quarter. Delta Asset Management LLC TN now owns 960 shares of the company’s stock worth $180,000 after purchasing an additional 60 shares in 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.