Spotify Technology (NYSE:SPOT) Price Target Increased to $375.00 by Analysts at Benchmark

Spotify Technology (NYSE:SPOT) had its target price hoisted by Benchmark from $325.00 to $375.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s price objective would suggest a potential upside of 23.57% from the stock’s previous close.

A number of other brokerages have also recently commented on SPOT. Loop Capital upped their price target on Spotify Technology from $165.00 to $250.00 and gave the company a “hold” rating in a research report on Monday. UBS Group upped their price target on Spotify Technology from $274.00 to $375.00 and gave the company a “buy” rating in a research report on Friday, April 5th. TheStreet raised Spotify Technology from a “d+” rating to a “c-” rating in a research report on Friday, February 9th. Morgan Stanley upped their price target on Spotify Technology from $270.00 to $350.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Wells Fargo & Company upped their price target on Spotify Technology from $250.00 to $280.00 and gave the company an “overweight” rating in a research report on Wednesday, January 31st. Seven equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $281.62.

Spotify Technology Trading Up 11.5 %

Shares of Spotify Technology stock opened at $303.48 on Wednesday. The stock has a fifty 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. The company has a market capitalization of $60.19 billion, a P/E ratio of -102.53 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data 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 return on equity of 23.43% and a negative net margin of 4.01%. The business had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the previous year, the firm earned ($1.43) earnings per share. The business’s revenue was up 16.0% on a year-over-year basis. On average, analysts predict that Spotify Technology will post 3.5 EPS for the current year.

Institutional Investors Weigh In On Spotify Technology

Institutional investors have recently bought and sold shares of the stock. Massachusetts Financial Services Co. MA lifted its holdings 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 worth $572,015,000 after buying an additional 523,237 shares during the period. Wellington Management Group LLP lifted its holdings 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 worth $459,364,000 after buying an additional 1,133,305 shares during the period. AMF Tjanstepension AB lifted its holdings in Spotify Technology by 1.3% in the 3rd quarter. AMF Tjanstepension AB now owns 2,025,000 shares of the company’s stock worth $313,146,000 after buying an additional 25,000 shares during the period. Acadian Asset Management LLC lifted its holdings in Spotify Technology by 11.5% in the 3rd quarter. Acadian Asset Management LLC now owns 1,916,821 shares of the company’s stock worth $296,376,000 after buying an additional 197,368 shares during the period. Finally, Artisan Partners Limited Partnership lifted its holdings in Spotify Technology by 24.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,400,811 shares of the company’s stock worth $263,226,000 after buying an additional 277,733 shares during the period. 84.09% of the stock is currently owned by hedge funds and other 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.