Spotify Technology (NYSE:SPOT) Price Target Raised to $396.00

Spotify Technology (NYSE:SPOT) had its target price raised by Rosenblatt Securities from $315.00 to $396.00 in a research report report published on Wednesday, Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities research analysts have also recently issued reports on SPOT. Macquarie raised their price objective on Spotify Technology from $300.00 to $330.00 and gave the stock an outperform rating in a report on Monday, April 22nd. Canaccord Genuity Group increased their target price on Spotify Technology from $315.00 to $330.00 and gave the stock a buy rating in a research report on Monday, April 22nd. TheStreet raised Spotify Technology from a d+ rating to a c- rating in a research report on Friday, February 9th. Wells Fargo & Company increased their target price on Spotify Technology from $250.00 to $280.00 and gave the stock an overweight rating in a research report on Wednesday, January 31st. Finally, DZ Bank raised Spotify Technology from a sell rating to a hold rating and set a $240.00 target price on the stock in a research report on Wednesday, February 7th. Eight equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $301.81.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $289.68 on Wednesday. Spotify Technology has a one year low of $128.67 and a one year high of $319.30. The business’s fifty day moving average price is $271.48 and its two-hundred day moving average price is $218.66. The stock has a market cap of $57.45 billion, a PE 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 (EPS) 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 last year, the firm earned ($1.24) earnings per share. As a group, equities research analysts predict that Spotify Technology will post 3.97 earnings per share for the current fiscal year.

Institutional Trading of Spotify Technology

Hedge funds and other institutional investors have recently modified their holdings of the business. Technology Crossover Management XI Ltd. increased its position in shares of Spotify Technology by 36.2% during the third quarter. Technology Crossover Management XI Ltd. now owns 1,297,323 shares of the company’s stock worth $200,618,000 after acquiring an additional 344,841 shares during the last quarter. Nordea Investment Management AB increased its position in shares of Spotify Technology by 7.9% during the fourth quarter. Nordea Investment Management AB now owns 248,659 shares of the company’s stock worth $46,927,000 after acquiring an additional 18,105 shares during the last quarter. Assenagon Asset Management S.A. increased its position in shares of Spotify Technology by 410.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 97,771 shares of the company’s stock worth $18,372,000 after acquiring an additional 78,609 shares during the last quarter. GSA Capital Partners LLP increased its holdings in Spotify Technology by 452.4% in the third quarter. GSA Capital Partners LLP now owns 14,242 shares of the company’s stock valued at $2,202,000 after buying an additional 11,664 shares during the last quarter. Finally, Rheos Capital Works Inc. increased its holdings in Spotify Technology by 205.7% in the fourth quarter. Rheos Capital Works Inc. now owns 107,000 shares of the company’s stock valued at $20,106,000 after buying an additional 72,000 shares during the last quarter. 84.09% of the stock is 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.