Canaccord Genuity Group Raises Spotify Technology (NYSE:SPOT) Price Target to $330.00

Spotify Technology (NYSE:SPOT) had its target price upped by Canaccord Genuity Group from $315.00 to $330.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts have also issued reports on SPOT. The Goldman Sachs Group increased their price target on Spotify Technology from $235.00 to $277.00 and gave the company a neutral rating in a research report on Wednesday, April 17th. JPMorgan Chase & Co. increased their price target on Spotify Technology from $280.00 to $320.00 and gave the company an overweight rating in a research report on Monday, April 8th. Morgan Stanley increased their price target on Spotify Technology from $250.00 to $270.00 and gave the company an overweight rating in a research report on Wednesday, February 7th. Barclays raised their target price on Spotify Technology from $270.00 to $335.00 and gave the stock an overweight rating in a research report on Wednesday, April 10th. Finally, TheStreet raised Spotify Technology from a d+ rating to a c- rating in a research report on Friday, February 9th. Eight equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology currently has an average rating of Moderate Buy and an average price target of $301.81.

Spotify Technology Trading Down 7.2 %

SPOT opened at $281.34 on Monday. The stock’s 50-day moving average price is $269.74 and its 200 day moving average price is $217.24. Spotify Technology has a 12-month low of $128.67 and a 12-month high of $319.30. The firm has a market cap of $55.80 billion, a price-to-earnings ratio of -95.05 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42. The company had revenue of $3.95 billion for 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 quarter last year, the company earned ($1.24) EPS. On average, research analysts forecast that Spotify Technology will post 3.5 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Massachusetts Financial Services Co. MA lifted its holdings in shares of 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 period. Wellington Management Group LLP lifted its holdings in shares of 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 buying an additional 1,133,305 shares during the period. AMF Tjanstepension AB lifted its holdings in shares of Spotify Technology by 1.3% in the 3rd quarter. AMF Tjanstepension AB now owns 2,025,000 shares of the company’s stock valued at $313,146,000 after buying an additional 25,000 shares during the period. Acadian Asset Management LLC lifted its holdings in shares of Spotify Technology by 11.5% in the 3rd quarter. Acadian Asset Management LLC now owns 1,916,821 shares of the company’s stock valued at $296,376,000 after buying an additional 197,368 shares during the period. Finally, Artisan Partners Limited Partnership lifted its holdings in shares of Spotify Technology by 24.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,400,811 shares of the company’s stock valued at $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.