Spotify Technology (NYSE:SPOT) PT Raised to $325.00

Spotify Technology (NYSE:SPOT) had its price objective raised by research analysts at Benchmark from $290.00 to $325.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s price objective would suggest a potential upside of 17.84% from the company’s current price.

A number of other brokerages have also recently weighed in on SPOT. Wells Fargo & Company raised their price target on Spotify Technology from $250.00 to $280.00 and gave the company an “overweight” rating in a research report on Wednesday, January 31st. Bank of America raised their price objective on shares of Spotify Technology from $265.00 to $315.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. UBS Group increased their target price on Spotify Technology from $274.00 to $375.00 and gave the company a “buy” rating in a report on Friday, April 5th. Raymond James upped their price objective on Spotify Technology from $260.00 to $320.00 and gave the company an “outperform” rating in a research report on Monday, April 15th. Finally, The Goldman Sachs Group lifted their price objective on Spotify Technology from $235.00 to $277.00 and gave the stock a “neutral” rating in a research report on Wednesday. Six equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $265.24.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $275.79 on Thursday. The company’s fifty day moving average is $266.94 and its two-hundred day moving average is $214.16. The firm has a market capitalization of $54.70 billion, a P/E ratio of -93.17 and a beta of 1.63. Spotify Technology has a one year low of $128.67 and a one year high of $313.16.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Norden Group LLC bought a new position in Spotify Technology during the 1st quarter valued at $302,000. Valley National Advisers Inc. grew its stake in Spotify Technology by 40.8% in the first quarter. Valley National Advisers Inc. now owns 207 shares of the company’s stock worth $54,000 after purchasing an additional 60 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Spotify Technology by 28.1% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 501,072 shares of the company’s stock valued at $132,233,000 after buying an additional 109,776 shares during the last quarter. Integrity Wealth Solutions LLC acquired a new stake in Spotify Technology during the first quarter valued at approximately $343,000. Finally, Wealth Enhancement Advisory Services LLC grew its position in shares of Spotify Technology by 157.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 4,311 shares of the company’s stock worth $1,138,000 after acquiring an additional 2,635 shares in the last quarter. 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.