Spotify Technology (NYSE:SPOT) Price Target Raised to $340.00 at Deutsche Bank Aktiengesellschaft

Spotify Technology (NYSE:SPOT) had its target price boosted by Deutsche Bank Aktiengesellschaft from $260.00 to $340.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

SPOT has been the subject of several other reports. Bank of America increased their target price on Spotify Technology from $265.00 to $315.00 and gave the company a buy rating in a research note on Wednesday, March 20th. KeyCorp increased their target price on Spotify Technology from $300.00 to $350.00 and gave the company an overweight rating in a research note on Friday, April 12th. DZ Bank upgraded Spotify Technology from a sell rating to a hold rating and set a $240.00 target price for the company in a research note on Wednesday, February 7th. Morgan Stanley increased their target price on Spotify Technology from $250.00 to $270.00 and gave the company an overweight rating in a research note on Wednesday, February 7th. Finally, TheStreet upgraded Spotify Technology from a d+ rating to a c- rating in a research note on Friday, February 9th. Six equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $263.84.

Spotify Technology Price Performance

SPOT opened at $293.68 on Wednesday. Spotify Technology has a 1 year low of $128.67 and a 1 year high of $313.16. The firm has a 50 day moving average price of $265.25 and a 200 day moving average price of $212.82.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, February 6th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.37) by $0.01. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The company had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the company earned ($1.43) earnings per share. Spotify Technology’s revenue for the quarter was up 16.0% on a year-over-year basis. As a group, analysts forecast that Spotify Technology will post 3.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. First Horizon Advisors Inc. grew its holdings in Spotify Technology by 195.0% during the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after acquiring an additional 117 shares during the period. Pinnacle Bancorp Inc. acquired a new position in Spotify Technology during the fourth quarter worth about $29,000. GAMMA Investing LLC acquired a new position in Spotify Technology during the fourth quarter worth about $32,000. Quarry LP acquired a new position in shares of Spotify Technology in the 2nd quarter valued at $35,000. Finally, LM Advisors LLC acquired a new position in shares of Spotify Technology in the 4th quarter valued at $37,000. 84.09% of the stock is owned by institutional investors and hedge funds.

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.