Spotify Technology (NYSE:SPOT) Price Target Increased to $375.00 by Analysts at Benchmark

Spotify Technology (NYSE:SPOT) had its target price upped by Benchmark from $325.00 to $375.00 in a report published on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts also recently commented on SPOT. KeyCorp boosted their target price on shares of Spotify Technology from $300.00 to $350.00 and gave the stock an overweight rating in a research report on Friday, April 12th. Bank of America boosted their target price on shares of Spotify Technology from $265.00 to $315.00 and gave the stock a buy rating in a research report on Wednesday, March 20th. Wells Fargo & Company boosted their target price on shares of Spotify Technology from $250.00 to $280.00 and gave the stock an overweight rating in a research report on Wednesday, January 31st. Rosenblatt Securities boosted their price target on shares of Spotify Technology from $315.00 to $396.00 and gave the stock a buy rating in a report on Wednesday. Finally, Canaccord Genuity Group boosted their price target on shares of Spotify Technology from $315.00 to $330.00 and gave the stock a buy rating in a report on Monday. Eight equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $301.81.

Spotify Technology Trading Down 7.2 %

SPOT opened at $281.34 on Wednesday. Spotify Technology has a 1-year low of $128.67 and a 1-year high of $319.30. The company has a market cap of $55.80 billion, a P/E ratio of -419.90 and a beta of 1.63. The company has a fifty day moving average price of $269.74 and a two-hundred day moving average price of $217.24.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.63 by $0.42. The company had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.91%. During the same period in the previous year, the firm posted ($1.24) earnings per share. On average, research analysts forecast that Spotify Technology will post 3.52 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Institutional investors have recently modified their holdings of the business. First Horizon Advisors Inc. lifted its stake in shares of Spotify Technology by 195.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock valued at $27,000 after buying an additional 117 shares in the last quarter. Pinnacle Bancorp Inc. purchased a new stake in Spotify Technology in the 4th quarter worth approximately $29,000. GAMMA Investing LLC purchased a new stake in Spotify Technology in the 4th quarter worth approximately $32,000. Lindbrook Capital LLC lifted its stake in Spotify Technology by 32.3% in the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after purchasing an additional 50 shares in the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new stake in Spotify Technology in the 1st quarter worth approximately $40,000. 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.