Spotify Technology (NYSE:SPOT) Price Target Raised to $317.00

Spotify Technology (NYSE:SPOT) had its price target lifted by The Goldman Sachs Group from $277.00 to $317.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a neutral rating on the stock.

Several other research firms have also recently issued reports on SPOT. Rosenblatt Securities lifted their price objective on Spotify Technology from $315.00 to $396.00 and gave the stock a buy rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft raised their target price on Spotify Technology from $260.00 to $340.00 and gave the company a buy rating in a research report on Wednesday, April 17th. KeyCorp boosted their price target on Spotify Technology from $300.00 to $350.00 and gave the stock an overweight rating in a research report on Friday, April 12th. Morgan Stanley increased their price objective on Spotify Technology from $270.00 to $350.00 and gave the company an overweight rating in a research note on Monday, April 22nd. Finally, Pivotal Research lifted their target price on shares of Spotify Technology from $390.00 to $400.00 and gave the stock a buy rating in a research note on Tuesday, April 23rd. Eight investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology presently has a consensus rating of Moderate Buy and an average price target of $301.81.

Spotify Technology Stock Up 0.2 %

Shares of SPOT stock opened at $289.59 on Wednesday. Spotify Technology has a 1-year low of $128.67 and a 1-year high of $319.30. The stock has a 50 day simple moving average of $271.48 and a 200-day simple moving average of $219.09.

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 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 company 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 business posted ($1.24) earnings per share. Analysts expect that Spotify Technology will post 4.49 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

A number of hedge funds have recently modified their holdings of SPOT. Impact Partnership Wealth LLC purchased a new stake in Spotify Technology in the 3rd quarter valued at about $43,000. Exchange Traded Concepts LLC increased its position in shares of Spotify Technology by 122.0% during the third quarter. Exchange Traded Concepts LLC now owns 7,795 shares of the company’s stock valued at $1,205,000 after acquiring an additional 4,283 shares during the last quarter. ARK Investment Management LLC increased its position in shares of Spotify Technology by 774.6% during the third quarter. ARK Investment Management LLC now owns 112,940 shares of the company’s stock valued at $17,465,000 after acquiring an additional 100,026 shares during the last quarter. Asset Management One Co. Ltd. raised its stake in shares of Spotify Technology by 87.7% in the 3rd quarter. Asset Management One Co. Ltd. now owns 49,807 shares of the company’s stock valued at $7,702,000 after acquiring an additional 23,272 shares during the period. Finally, Handelsbanken Fonder AB lifted its holdings in shares of Spotify Technology by 0.9% in the 3rd quarter. Handelsbanken Fonder AB now owns 25,475 shares of the company’s stock worth $3,939,000 after acquiring an additional 236 shares during the last quarter. 84.09% of the stock is currently 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.