Spotify Technology (NYSE:SPOT) PT Raised to $320.00

Spotify Technology (NYSE:SPOT) had its price target boosted by Raymond James from $260.00 to $320.00 in a research report report published on Monday morning, Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities research analysts also recently weighed in on SPOT. KeyCorp boosted their price objective on shares of Spotify Technology from $300.00 to $350.00 and gave the company an overweight rating in a research report on Friday, April 12th. UBS Group boosted their price objective on shares of Spotify Technology from $274.00 to $375.00 and gave the company a buy rating in a research report on Friday, April 5th. Morgan Stanley boosted their price objective on shares of Spotify Technology from $250.00 to $270.00 and gave the company an overweight rating in a research report on Wednesday, February 7th. The Goldman Sachs Group boosted their price objective on shares of Spotify Technology from $171.00 to $195.00 and gave the company a neutral rating in a research report on Tuesday, January 9th. Finally, Wells Fargo & Company boosted their price objective on shares of Spotify Technology from $250.00 to $280.00 and gave the company an overweight rating in a research report on Wednesday, January 31st. Six investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology presently has an average rating of Moderate Buy and an average target price of $263.84.

Spotify Technology Stock Performance

SPOT opened at $293.68 on Monday. The company has a 50-day moving average of $265.25 and a 200-day moving average of $212.82. The company has a market capitalization of $58.25 billion, a P/E ratio of -99.22 and a beta of 1.63. Spotify Technology has a 1-year low of $128.67 and a 1-year high of $313.16.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share for the quarter, topping the consensus estimate of ($0.37) by $0.01. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The company had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the firm earned ($1.43) EPS. The company’s revenue was up 16.0% on a year-over-year basis. As a group, sell-side analysts expect that Spotify Technology will post 3.51 earnings per share for the current fiscal year.

Institutional Trading of Spotify Technology

Institutional investors have recently made changes to their positions in the stock. First Horizon Advisors Inc. lifted its stake in shares of Spotify Technology by 195.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after acquiring an additional 117 shares during the period. Pinnacle Bancorp Inc. acquired a new stake in shares of Spotify Technology in the 4th quarter worth approximately $29,000. GAMMA Investing LLC acquired a new stake in shares of Spotify Technology in the 4th quarter worth approximately $32,000. Quarry LP acquired a new stake in Spotify Technology during the second quarter valued at approximately $35,000. Finally, LM Advisors LLC acquired a new stake in Spotify Technology during the fourth quarter valued at approximately $37,000. 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.