Spotify Technology (NYSE:SPOT) Price Target Raised to $350.00

Spotify Technology (NYSE:SPOT) had its price objective boosted by Guggenheim from $290.00 to $350.00 in a research note published on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also recently weighed in on SPOT. Deutsche Bank Aktiengesellschaft boosted their price objective on Spotify Technology from $260.00 to $340.00 and gave the stock a buy 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 note on Monday, April 22nd. TheStreet upgraded Spotify Technology from a d+ rating to a c- rating in a research note on Friday, February 9th. Piper Sandler restated a neutral rating and issued a $320.00 target price (up from $300.00) on shares of Spotify Technology in a research note on Wednesday. Finally, JPMorgan Chase & Co. boosted their target price on Spotify Technology from $320.00 to $365.00 and gave the company an overweight rating in a research note on Wednesday. Eight analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $301.81.

Spotify Technology Trading Up 0.2 %

SPOT stock opened at $289.68 on Wednesday. The stock’s fifty day simple moving average is $271.48 and its two-hundred day simple moving average is $218.66. Spotify Technology has a 1-year low of $128.67 and a 1-year high of $319.30. The stock has a market cap of $57.45 billion, a P/E ratio of -432.35 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $3.87 billion. During the same quarter in the previous year, the firm earned ($1.24) earnings per share. As a group, analysts forecast that Spotify Technology will post 3.97 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Several institutional investors and hedge funds have recently bought and sold shares of the business. First Horizon Advisors Inc. lifted its stake in shares of Spotify Technology by 195.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock valued at $27,000 after purchasing an additional 117 shares during the period. Pinnacle Bancorp Inc. purchased a new position in shares of Spotify Technology in the 4th quarter valued at approximately $29,000. GAMMA Investing LLC purchased a new position in shares of Spotify Technology in the 4th quarter valued at approximately $32,000. Lindbrook Capital LLC lifted its stake in shares of Spotify Technology by 32.3% in the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after purchasing an additional 50 shares during the period. Finally, Future Financial Wealth Managment LLC purchased a new position in shares of Spotify Technology in the 1st quarter valued at approximately $40,000. Hedge funds and other institutional investors 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.