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

Spotify Technology (NYSE:SPOT) had its target price upped by Barclays from $335.00 to $350.00 in a research note released on Wednesday, Benzinga reports. Barclays currently has an overweight rating on the stock.

Several other research analysts also recently weighed in on SPOT. Macquarie lifted their target price on Spotify Technology from $300.00 to $330.00 and gave the company an outperform rating in a research note on Monday, April 22nd. Canaccord Genuity Group boosted their price objective on shares of Spotify Technology from $315.00 to $330.00 and gave the company a buy rating in a research note on Monday, April 22nd. Piper Sandler restated a neutral rating and issued a $320.00 target price (up previously from $300.00) on shares of Spotify Technology in a research note on Wednesday. UBS Group boosted their price target on shares of Spotify Technology from $274.00 to $375.00 and gave the stock a buy rating in a research note on Friday, April 5th. Finally, Loop Capital increased their price target on shares of Spotify Technology from $165.00 to $250.00 and gave the stock a hold rating in a report on Monday, April 22nd. Eight analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $301.81.

Spotify Technology Stock Up 0.2 %

Shares of Spotify Technology stock opened at $289.59 on Wednesday. The firm’s fifty day simple moving average is $271.48 and its 200-day simple moving average is $219.09. Spotify Technology has a 12 month low of $128.67 and a 12 month high of $319.30.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. The business had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.87 billion. During the same period in the prior year, the company earned ($1.24) earnings per share. Equities analysts predict that Spotify Technology will post 4.49 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Lindbrook Capital LLC grew its holdings in Spotify Technology by 32.3% during the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after buying an additional 50 shares during the last quarter. Signaturefd LLC boosted its stake in shares of Spotify Technology by 4.4% during the fourth quarter. Signaturefd LLC now owns 1,222 shares of the company’s stock valued at $230,000 after acquiring an additional 51 shares during the last quarter. Summit Trail Advisors LLC increased its position in Spotify Technology by 3.5% during the 4th quarter. Summit Trail Advisors LLC now owns 1,664 shares of the company’s stock worth $313,000 after purchasing an additional 56 shares in the last quarter. Private Trust Co. NA raised its stake in Spotify Technology by 18.4% in the 4th quarter. Private Trust Co. NA now owns 367 shares of the company’s stock valued at $69,000 after purchasing an additional 57 shares during the last quarter. Finally, Delta Asset Management LLC TN lifted its holdings in Spotify Technology by 6.7% in the 4th quarter. Delta Asset Management LLC TN now owns 960 shares of the company’s stock valued at $180,000 after purchasing an additional 60 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

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.