Piper Sandler Reiterates “Neutral” Rating for Spotify Technology (NYSE:SPOT)

Spotify Technology (NYSE:SPOT)‘s stock had its “neutral” rating reiterated by stock analysts at Piper Sandler in a research report issued on Wednesday, Benzinga reports. They currently have a $320.00 price target on the stock, up from their prior price target of $300.00. Piper Sandler’s target price would suggest a potential upside of 10.65% from the stock’s previous close.

SPOT has been the subject of a number of other research reports. Raymond James boosted their price objective on Spotify Technology from $260.00 to $320.00 and gave the company an “outperform” rating in a report on Monday, April 15th. UBS Group upped their price target on shares of Spotify Technology from $274.00 to $375.00 and gave the stock a “buy” rating in a report on Friday, April 5th. Bank of America lifted their price objective on shares of Spotify Technology from $265.00 to $315.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Pivotal Research upped their target price on shares of Spotify Technology from $390.00 to $400.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Barclays lifted their price target on shares of Spotify Technology from $270.00 to $335.00 and gave the company an “overweight” rating in a research note on Wednesday, April 10th. Eight analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price of $301.81.

Spotify Technology Trading Up 2.8 %

Shares of Spotify Technology stock opened at $289.20 on Wednesday. The stock has a 50 day moving average price of $270.61 and a 200-day moving average price of $217.74. Spotify Technology has a one year low of $128.67 and a one year high of $319.30.

Spotify Technology (NYSE:SPOT) last issued its quarterly 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. The company had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. During the same period in the prior year, the firm posted ($1.24) EPS. Sell-side analysts expect that Spotify Technology will post 3.97 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Several hedge funds have recently made changes to their positions in SPOT. Massachusetts Financial Services Co. MA increased its holdings in shares of Spotify Technology by 16.5% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock valued at $572,015,000 after purchasing an additional 523,237 shares during the period. Wellington Management Group LLP increased its holdings in Spotify Technology by 61.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock worth $459,364,000 after buying an additional 1,133,305 shares during the period. AMF Tjanstepension AB increased its holdings in Spotify Technology by 1.3% in the 3rd quarter. AMF Tjanstepension AB now owns 2,025,000 shares of the company’s stock worth $313,146,000 after buying an additional 25,000 shares during the period. Acadian Asset Management LLC raised its position in Spotify Technology by 11.5% during the 3rd quarter. Acadian Asset Management LLC now owns 1,916,821 shares of the company’s stock worth $296,376,000 after buying an additional 197,368 shares during the last quarter. Finally, Artisan Partners Limited Partnership lifted its stake in Spotify Technology by 24.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,400,811 shares of the company’s stock valued at $263,226,000 after acquiring an additional 277,733 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

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.