Spotify Technology (NYSE:SPOT) Given New $320.00 Price Target at Raymond James

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

Several other equities analysts have also issued reports on the company. Bank of America boosted their price objective on Spotify Technology from $265.00 to $315.00 and gave the company a buy rating in a research report on Wednesday, March 20th. KeyCorp boosted their target price on Spotify Technology from $300.00 to $350.00 and gave the company an overweight rating in a research note on Friday, April 12th. Rosenblatt Securities boosted their target price on Spotify Technology from $300.00 to $315.00 and gave the company a buy rating in a research note on Wednesday, February 7th. Wells Fargo & Company boosted their target price on Spotify Technology from $250.00 to $280.00 and gave the company an overweight rating in a research note on Wednesday, January 31st. Finally, Pivotal Research boosted their target price on Spotify Technology from $330.00 to $390.00 and gave the company a buy rating in a research note on Friday, April 5th. Six investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat, Spotify Technology currently has an average rating of Moderate Buy and a consensus price target of $265.24.

Spotify Technology Stock Performance

Shares of SPOT opened at $289.20 on Monday. The stock has a 50 day simple moving average of $266.24 and a 200 day simple moving average of $213.35. Spotify Technology has a 52-week low of $128.67 and a 52-week high of $313.16. The firm has a market capitalization of $57.36 billion, a PE ratio of -97.70 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, February 6th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.37) by $0.01. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The business had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period in the previous year, the firm earned ($1.43) EPS. Spotify Technology’s quarterly revenue was up 16.0% compared to the same quarter last year. Equities research analysts predict that Spotify Technology will post 3.51 EPS for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Large investors have recently added to or reduced their stakes in the business. Future Financial Wealth Managment LLC bought a new stake in Spotify Technology in the 1st quarter valued at $40,000. Pinnacle Bancorp Inc. acquired a new position in Spotify Technology in the 4th quarter valued at $29,000. GAMMA Investing LLC acquired a new position in Spotify Technology in the 4th quarter valued at $32,000. First Horizon Advisors Inc. grew its holdings in Spotify Technology by 195.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock valued at $27,000 after buying an additional 117 shares in the last quarter. Finally, LM Advisors LLC acquired a new position in Spotify Technology in the 4th quarter valued at $37,000. Institutional investors 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.