Spotify Technology (NYSE:SPOT) Given New $400.00 Price Target at Pivotal Research

Spotify Technology (NYSE:SPOT) had its price target boosted by Pivotal Research from $390.00 to $400.00 in a report issued on Tuesday, Marketbeat Ratings reports. Pivotal Research currently has a buy rating on the stock.

Other research analysts have also issued research reports about the company. Barclays lifted their price target on Spotify Technology from $270.00 to $335.00 and gave the stock an overweight rating in a research report on Wednesday, April 10th. HSBC initiated coverage on Spotify Technology in a research report on Wednesday, March 27th. They issued a buy rating and a $310.00 price target for the company. The Goldman Sachs Group boosted their target price on Spotify Technology from $235.00 to $277.00 and gave the company a neutral rating in a research report on Wednesday, April 17th. Loop Capital boosted their target price on Spotify Technology from $165.00 to $250.00 and gave the company a hold rating in a research report on Monday, April 22nd. Finally, Rosenblatt Securities boosted their target price on Spotify Technology from $300.00 to $315.00 and gave the company a buy rating in a research report on Wednesday, February 7th. Eight research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology presently has a consensus rating of Moderate Buy and a consensus target price of $301.81.

Spotify Technology Trading Up 0.2 %

SPOT opened at $289.68 on Tuesday. The firm has a market cap of $57.45 billion, a P/E ratio of -432.35 and a beta of 1.63. Spotify Technology has a 12 month low of $128.67 and a 12 month high of $319.30. The stock has a 50-day moving average of $271.48 and a 200 day moving average of $218.66.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.63 by $0.42. The company 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 4.39% and a negative net margin of 0.80%. During the same quarter last year, the business posted ($1.24) earnings per share. On average, research analysts forecast that Spotify Technology will post 3.97 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

A number of large investors have recently bought and sold shares of SPOT. Massachusetts Financial Services Co. MA increased its position in shares of 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 worth $572,015,000 after purchasing an additional 523,237 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Spotify Technology by 61.7% during the third quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock worth $459,364,000 after purchasing an additional 1,133,305 shares in the last quarter. AMF Tjanstepension AB increased its position in shares of Spotify Technology by 1.3% during the third quarter. AMF Tjanstepension AB now owns 2,025,000 shares of the company’s stock worth $313,146,000 after purchasing an additional 25,000 shares in the last quarter. Acadian Asset Management LLC increased its position in shares of Spotify Technology by 11.5% during the third quarter. Acadian Asset Management LLC now owns 1,916,821 shares of the company’s stock worth $296,376,000 after purchasing an additional 197,368 shares in the last quarter. Finally, Artisan Partners Limited Partnership increased its position in shares of Spotify Technology by 24.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,400,811 shares of the company’s stock worth $263,226,000 after purchasing an additional 277,733 shares in the last quarter. 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.