Barclays Increases Spotify Technology (NYSE:SPOT) Price Target to $350.00

Spotify Technology (NYSE:SPOT) had its price target lifted by equities researchers at Barclays from $335.00 to $350.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price target indicates a potential upside of 24.03% from the company’s previous close.

A number of other equities research analysts have also issued reports on SPOT. Loop Capital raised their price target on Spotify Technology from $165.00 to $250.00 and gave the stock a “hold” rating in a research note on Monday. Raymond James lifted their price target on Spotify Technology from $260.00 to $320.00 and gave the company an “outperform” rating in a report on Monday, April 15th. Morgan Stanley boosted their target price on Spotify Technology from $270.00 to $350.00 and gave the stock an “overweight” rating in a research note on Monday. Benchmark boosted their target price on Spotify Technology from $325.00 to $375.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, HSBC began coverage on Spotify Technology in a research note on Wednesday, March 27th. They set a “buy” rating and a $310.00 target price on the stock. Eight equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $291.42.

Spotify Technology Stock Down 7.0 %

NYSE SPOT traded down $21.13 during trading on Wednesday, hitting $282.18. 5,711,644 shares of the stock traded hands, compared to its average volume of 2,148,342. The company has a market capitalization of $55.96 billion, a P/E ratio of -95.13 and a beta of 1.63. The firm has a 50-day simple moving average of $269.00 and a 200-day simple moving average of $216.78. Spotify Technology has a 12-month low of $128.67 and a 12-month high of $319.30.

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

Institutional Investors Weigh In On Spotify Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Impact Partnership Wealth LLC purchased a new position in shares of Spotify Technology during the third quarter worth $43,000. Exchange Traded Concepts LLC boosted its holdings in Spotify Technology by 122.0% in the third quarter. Exchange Traded Concepts LLC now owns 7,795 shares of the company’s stock valued at $1,205,000 after purchasing an additional 4,283 shares during the period. ARK Investment Management LLC boosted its holdings in Spotify Technology by 774.6% in the third quarter. ARK Investment Management LLC now owns 112,940 shares of the company’s stock valued at $17,465,000 after purchasing an additional 100,026 shares during the period. Asset Management One Co. Ltd. boosted its holdings in Spotify Technology by 87.7% in the third quarter. Asset Management One Co. Ltd. now owns 49,807 shares of the company’s stock valued at $7,702,000 after purchasing an additional 23,272 shares during the period. Finally, Handelsbanken Fonder AB boosted its holdings in Spotify Technology by 0.9% in the third quarter. Handelsbanken Fonder AB now owns 25,475 shares of the company’s stock valued at $3,939,000 after purchasing an additional 236 shares during the period. 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.