Spotify Technology (NYSE:SPOT) PT Raised to $355.00

Spotify Technology (NYSE:SPOT) had its price target lifted by equities researchers at HSBC from $310.00 to $355.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. HSBC’s price objective points to a potential upside of 26.01% from the company’s previous close.

A number of other analysts also recently commented on the company. Deutsche Bank Aktiengesellschaft upped their price objective on Spotify Technology from $260.00 to $340.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. TheStreet upgraded Spotify Technology from a “d+” rating to a “c-” rating in a report on Friday, February 9th. DZ Bank upgraded Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 price objective for the company in a report on Wednesday, February 7th. Pivotal Research upped their price objective on Spotify Technology from $390.00 to $400.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Loop Capital increased their price target on Spotify Technology from $165.00 to $250.00 and gave the company a “hold” rating in a report on Monday. Eight investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $301.81.

Spotify Technology Trading Down 7.1 %

Shares of NYSE SPOT traded down $21.59 during midday trading on Wednesday, reaching $281.72. 6,607,623 shares of the stock were exchanged, compared to its average volume of 2,160,573. The company has a market capitalization of $55.87 billion, a P/E ratio of -96.07 and a beta of 1.63. Spotify Technology has a 52-week low of $128.67 and a 52-week high of $319.30. The stock has a 50 day moving average price of $269.00 and a 200-day moving average price of $216.78.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Spire Wealth Management increased its stake in shares of Spotify Technology by 93.1% during the first quarter. Spire Wealth Management now owns 197 shares of the company’s stock valued at $52,000 after acquiring an additional 95 shares during the period. Assenagon Asset Management S.A. boosted its holdings in Spotify Technology by 55.2% during the first quarter. Assenagon Asset Management S.A. now owns 151,747 shares of the company’s stock worth $40,046,000 after buying an additional 53,976 shares in the last quarter. Global Retirement Partners LLC boosted its holdings in Spotify Technology by 90.5% during the first quarter. Global Retirement Partners LLC now owns 383 shares of the company’s stock worth $101,000 after buying an additional 182 shares in the last quarter. Wesbanco Bank Inc. bought a new stake in Spotify Technology during the first quarter worth approximately $1,468,000. Finally, Summit Trail Advisors LLC boosted its holdings in Spotify Technology by 35.9% during the first quarter. Summit Trail Advisors LLC now owns 2,262 shares of the company’s stock worth $597,000 after buying an additional 598 shares in the last quarter. 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.