Spotify Technology (NYSE:SPOT) Given New $430.00 Price Target at Morgan Stanley

Spotify Technology (NYSE:SPOT) had its price target upped by Morgan Stanley from $400.00 to $430.00 in a report released on Wednesday, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research analysts also recently issued reports on SPOT. Cantor Fitzgerald reissued a “neutral” rating and set a $340.00 price objective on shares of Spotify Technology in a research report on Monday, October 7th. Evercore ISI boosted their price target on Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Guggenheim upped their price objective on Spotify Technology from $400.00 to $420.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Redburn Atlantic reiterated a “sell” rating and issued a $230.00 target price on shares of Spotify Technology in a research note on Wednesday, July 10th. Finally, Wolfe Research assumed coverage on Spotify Technology in a report on Friday, July 12th. They issued an “outperform” rating and a $390.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $363.24.

Spotify Technology Trading Down 2.0 %

NYSE:SPOT opened at $379.89 on Wednesday. The company has a market capitalization of $75.62 billion, a PE ratio of 155.06 and a beta of 1.58. Spotify Technology has a 52-week low of $155.00 and a 52-week high of $389.48. The stock’s 50 day moving average price is $355.37 and its 200 day moving average price is $324.84. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The business had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same period last year, the firm posted ($1.69) earnings per share. The company’s revenue for the quarter was up 19.8% compared to the same quarter last year. On average, research analysts anticipate that Spotify Technology will post 6.22 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

Several hedge funds have recently added to or reduced their stakes in the business. GQG Partners LLC purchased a new stake in shares of Spotify Technology in the first quarter valued at about $610,040,000. Swedbank AB purchased a new stake in Spotify Technology in the 1st quarter valued at approximately $198,663,000. International Assets Investment Management LLC grew its holdings in Spotify Technology by 36,910.0% during the 3rd quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock valued at $128,073,000 after buying an additional 346,585 shares during the last quarter. Sei Investments Co. increased its position in Spotify Technology by 106.8% during the second quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock worth $202,828,000 after buying an additional 333,782 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Spotify Technology by 179.0% in the third quarter. Assenagon Asset Management S.A. now owns 380,214 shares of the company’s stock worth $140,120,000 after acquiring an additional 243,933 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

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.