Bank of America Boosts Spotify Technology (NYSE:SPOT) Price Target to $370.00

Spotify Technology (NYSE:SPOT) had its price objective boosted by research analysts at Bank of America from $315.00 to $370.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price objective would suggest a potential upside of 29.35% from the stock’s previous close.

SPOT has been the topic of several other research reports. Canaccord Genuity Group lifted their target price on shares of Spotify Technology from $315.00 to $330.00 and gave the stock a “buy” rating in a report on Monday. Wells Fargo & Company lifted their price target on Spotify Technology from $250.00 to $280.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 31st. Barclays increased their price target on shares of Spotify Technology from $335.00 to $350.00 and gave the company an “overweight” rating in a report on Wednesday. Morgan Stanley upped their price objective on shares of Spotify Technology from $270.00 to $350.00 and gave the company an “overweight” rating in a research report on Monday. Finally, TheStreet upgraded shares of Spotify Technology from a “d+” rating to a “c-” rating in a research note on Friday, February 9th. Eight research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $293.54.

Spotify Technology Stock Down 5.7 %

Shares of SPOT traded down $17.26 during mid-day trading on Wednesday, hitting $286.05. 6,088,898 shares of the company’s stock were exchanged, compared to its average volume of 2,152,180. Spotify Technology has a twelve month low of $128.67 and a twelve month high of $319.30. The firm has a fifty day moving average of $269.00 and a two-hundred day moving average of $216.78. The stock has a market cap of $56.73 billion, a price-to-earnings ratio of -96.05 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.42. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The company had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.87 billion. During the same period last year, the company earned ($1.24) earnings per share. On average, equities analysts predict that Spotify Technology will post 3.5 earnings per share for the current year.

Institutional Trading of Spotify Technology

Large investors have recently bought and sold shares of the business. Wellington Management Group LLP lifted its position in Spotify Technology by 61.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock valued at $459,364,000 after acquiring an additional 1,133,305 shares in the last quarter. Schroder Investment Management Group grew its holdings in shares of Spotify Technology by 303.4% during the third quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock worth $203,396,000 after buying an additional 989,243 shares in the last quarter. Artisan Partners Limited Partnership grew its holdings in shares of Spotify Technology by 194.7% during the third quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock worth $173,673,000 after buying an additional 741,955 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in Spotify Technology by 16.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock valued at $572,015,000 after buying an additional 523,237 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Spotify Technology during the 4th quarter worth approximately $92,429,000. 84.09% of the stock is owned by institutional investors.

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.