Spotify Technology (NYSE:SPOT) PT Raised to $330.00

Spotify Technology (NYSE:SPOT) had its price target increased by Macquarie from $300.00 to $330.00 in a research report released on Monday, Benzinga reports. They currently have an outperform rating on the stock.

Several other brokerages have also recently issued reports on SPOT. DZ Bank raised Spotify Technology from a sell rating to a hold rating and set a $240.00 price objective on the stock in a report on Wednesday, February 7th. KeyCorp upped their price objective on Spotify Technology from $300.00 to $350.00 and gave the stock an overweight rating in a report on Friday, April 12th. UBS Group upped their price objective on Spotify Technology from $274.00 to $375.00 and gave the stock a buy rating in a report on Friday, April 5th. Wells Fargo & Company upped their price objective on Spotify Technology from $250.00 to $280.00 and gave the stock an overweight rating in a report on Wednesday, January 31st. Finally, TheStreet raised Spotify Technology from a d+ rating to a c- rating in a 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. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $301.81.

Spotify Technology Trading Up 2.8 %

Shares of NYSE:SPOT opened at $289.20 on Monday. The stock has a 50 day moving average of $270.61 and a 200 day moving average of $217.74. 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 results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. The company had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $3.87 billion. During the same period in the previous year, the firm earned ($1.24) EPS. As a group, research analysts expect that Spotify Technology will post 3.97 earnings per share for the current year.

Hedge Funds Weigh In On Spotify Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in SPOT. Wellington Management Group LLP grew its position in shares of Spotify Technology by 61.7% during 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 in the last quarter. Schroder Investment Management Group grew its position in shares of Spotify Technology by 303.4% during the 3rd 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 position in shares of Spotify Technology by 194.7% during the 3rd 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 boosted its position in Spotify Technology by 16.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock valued at $572,015,000 after purchasing an additional 523,237 shares in the last quarter. Finally, Norges Bank bought a new stake in Spotify Technology during the fourth quarter valued at about $92,429,000. Institutional investors own 84.09% of the company’s stock.

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.