Spotify Technology (NYSE:SPOT – Get Free Report) had its price objective raised by Morgan Stanley from $190.00 to $200.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price objective would indicate a potential upside of 26.27% from the company’s current price.
Other equities analysts also recently issued research reports about the company. Rosenblatt Securities upped their target price on Spotify Technology from $141.00 to $150.00 and gave the company a “neutral” rating in a report on Wednesday, July 26th. Raymond James upped their target price on Spotify Technology from $170.00 to $180.00 and gave the company an “outperform” rating in a report on Wednesday. Loop Capital upped their target price on Spotify Technology from $130.00 to $140.00 in a report on Wednesday, July 26th. Benchmark lowered their target price on Spotify Technology from $205.00 to $195.00 and set a “buy” rating for the company in a research note on Monday. Finally, Piper Sandler upped their price target on Spotify Technology from $140.00 to $165.00 in a research note on Friday, July 14th. Seven investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $168.32.
Get Our Latest Stock Analysis on SPOT
Spotify Technology Stock Down 2.1 %
Spotify Technology (NYSE:SPOT – Get Free Report) last posted its quarterly earnings results on Tuesday, October 24th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.56. Spotify Technology had a negative net margin of 5.70% and a negative return on equity of 31.93%. The company had revenue of $3.65 billion during the quarter, compared to analyst estimates of $3.62 billion. As a group, analysts anticipate that Spotify Technology will post -3.09 EPS for the current year.
Institutional Inflows and Outflows
Several hedge funds have recently made changes to their positions in SPOT. SRS Investment Management LLC purchased a new stake in shares of Spotify Technology during the 1st quarter valued at about $294,683,000. Acadian Asset Management LLC increased its stake in Spotify Technology by 55,455.8% in the 2nd quarter. Acadian Asset Management LLC now owns 1,719,453 shares of the company’s stock worth $276,015,000 after buying an additional 1,716,358 shares in the last quarter. Norges Bank purchased a new stake in Spotify Technology in the 4th quarter worth $123,027,000. Wellington Management Group LLP increased its stake in Spotify Technology by 140.8% in the 1st quarter. Wellington Management Group LLP now owns 1,694,044 shares of the company’s stock worth $226,358,000 after buying an additional 990,485 shares in the last quarter. Finally, Technology Crossover Management XI Ltd. purchased a new stake in Spotify Technology in the 1st quarter worth $127,271,000. 56.89% of the stock is owned by hedge funds and other institutional investors.
Spotify Technology Company Profile
Spotify Technology SA, together with its subsidiaries, provides audio streaming 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.
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