Spotify Technology (NYSE:SPOT) PT Raised to $250.00

Spotify Technology (NYSE:SPOT) had its target price raised by research analysts at Loop Capital from $165.00 to $250.00 in a report issued on Monday, Benzinga reports. The firm presently has a “hold” rating on the stock. Loop Capital’s price target would indicate a potential downside of 17.62% from the company’s previous close.

Several other research firms also recently weighed in on SPOT. DZ Bank upgraded Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 target price on the stock in a research report on Wednesday, February 7th. The Goldman Sachs Group increased their price objective on shares of Spotify Technology from $235.00 to $277.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. Wells Fargo & Company lifted their target price on shares of Spotify Technology from $250.00 to $280.00 and gave the company an “overweight” rating in a research note on Wednesday, January 31st. Deutsche Bank Aktiengesellschaft increased their price target on Spotify Technology from $260.00 to $340.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Finally, Benchmark increased their price objective on shares of Spotify Technology from $290.00 to $325.00 and gave the company a “buy” rating in a report on Thursday, April 18th. Seven investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $276.58.

Spotify Technology Price Performance

Shares of SPOT opened at $303.48 on Monday. Spotify Technology has a one year low of $128.67 and a one year high of $319.30. The business has a fifty day moving average of $269.00 and a 200 day moving average of $216.78. The firm has a market capitalization of $60.19 billion, a P/E ratio of -102.53 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last released its quarterly 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 business had revenue of $3.67 billion during 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%. The business’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.43) EPS. Analysts expect that Spotify Technology will post 3.5 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First Horizon Advisors Inc. grew its stake in shares of Spotify Technology by 195.0% during the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock valued at $27,000 after buying an additional 117 shares during the last quarter. Pinnacle Bancorp Inc. purchased a new stake in Spotify Technology in the fourth quarter worth $29,000. GAMMA Investing LLC bought a new stake in shares of Spotify Technology during the fourth quarter worth $32,000. Lindbrook Capital LLC boosted its stake in shares of Spotify Technology by 32.3% during the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after purchasing an additional 50 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new position in Spotify Technology in the 1st quarter worth about $40,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

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.