Spotify Technology (NYSE:SPOT) Given New $330.00 Price Target at Canaccord Genuity Group

Spotify Technology (NYSE:SPOT) had its price objective hoisted by Canaccord Genuity Group from $315.00 to $330.00 in a research note issued to investors on Monday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Several other equities research analysts have also recently issued reports on the stock. Pivotal Research lifted their price objective on shares of Spotify Technology from $330.00 to $390.00 and gave the company a buy rating in a research report on Friday, April 5th. Bank of America increased their price objective on shares of Spotify Technology from $265.00 to $315.00 and gave the company a buy rating in a report on Wednesday, March 20th. Wells Fargo & Company boosted 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. Benchmark lifted their price objective on Spotify Technology from $290.00 to $325.00 and gave the stock a buy rating in a research note on Thursday, April 18th. Finally, HSBC initiated coverage on Spotify Technology in a research report on Wednesday, March 27th. They set a buy rating and a $310.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $276.19.

Spotify Technology Stock Down 1.3 %

SPOT opened at $272.33 on Monday. The stock has a market capitalization of $54.01 billion, a price-to-earnings ratio of -92.00 and a beta of 1.63. The firm has a 50 day moving average price of $267.69 and a 200-day moving average price of $215.78. Spotify Technology has a twelve month low of $128.67 and a twelve month high of $313.16.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.01. The company had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.72 billion. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. Spotify Technology’s revenue was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.43) earnings per share. As a group, analysts expect that Spotify Technology will post 3.5 earnings per share for the current year.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors have recently modified their holdings of SPOT. State of Alaska Department of Revenue grew its stake in Spotify Technology by 1.5% in the third quarter. State of Alaska Department of Revenue now owns 39,114 shares of the company’s stock worth $6,048,000 after purchasing an additional 570 shares in the last quarter. Impact Partnership Wealth LLC purchased a new stake in shares of Spotify Technology in the 3rd quarter worth $43,000. Rheos Capital Works Inc. bought a new position in shares of Spotify Technology during the 3rd quarter worth $5,412,000. Exchange Traded Concepts LLC increased its stake 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 buying an additional 4,283 shares during the period. Finally, ARK Investment Management LLC raised its holdings in shares of Spotify Technology by 774.6% in 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 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.