Spotify Technology’s (SPOT) “Accumulate” Rating Reiterated at Phillip Securities

Phillip Securities restated their accumulate rating on shares of Spotify Technology (NYSE:SPOT) in a research report sent to investors on Wednesday,Benzinga reports. Phillip Securities currently has a $485.00 target price on the stock, up from their prior target price of $420.00.

A number of other equities research analysts also recently weighed in on SPOT. Benchmark raised their price target on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. Morgan Stanley raised their price objective on Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Barclays boosted their target price on shares of Spotify Technology from $350.00 to $360.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $340.00 price objective on shares of Spotify Technology in a research note on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $458.32 on Wednesday. The company has a market capitalization of $91.23 billion, a PE ratio of 124.54 and a beta of 1.56. The stock has a fifty day moving average of $378.15 and a 200-day moving average of $338.24. Spotify Technology has a one year low of $170.62 and a one year high of $489.69.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The firm had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter last year, the company posted $0.36 EPS. The firm’s revenue was up 18.8% compared to the same quarter last year. As a group, research analysts forecast that Spotify Technology will post 6.09 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. WCM Investment Management LLC grew its holdings in Spotify Technology by 18.5% during the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after purchasing an additional 605,755 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in shares of Spotify Technology by 3.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock valued at $1,286,969,000 after buying an additional 102,786 shares during the period. GQG Partners LLC bought a new stake in shares of Spotify Technology in the 1st quarter valued at $610,040,000. State Street Corp raised its stake in Spotify Technology by 1.5% during the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company’s stock worth $736,073,000 after buying an additional 28,864 shares during the period. Finally, FMR LLC lifted its holdings in Spotify Technology by 23.4% during the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after acquiring an additional 297,035 shares in the last quarter. Institutional investors and hedge funds 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.