Spotify Technology (NYSE:SPOT) PT Raised to $400.00 at Pivotal Research

Spotify Technology (NYSE:SPOT) had its target price hoisted by stock analysts at Pivotal Research from $390.00 to $400.00 in a research report issued to clients and investors on Tuesday, Marketbeat Ratings reports. The firm presently has a “buy” rating on the stock. Pivotal Research’s price target suggests a potential upside of 42.18% from the company’s current price.

A number of other research analysts have also recently commented on the stock. TheStreet upgraded shares of Spotify Technology from a “d+” rating to a “c-” rating in a report on Friday, February 9th. Benchmark raised their target price on shares of Spotify Technology from $290.00 to $325.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. Raymond James boosted their price target on Spotify Technology from $260.00 to $320.00 and gave the company an “outperform” rating in a report on Monday, April 15th. Barclays increased their price objective on Spotify Technology from $270.00 to $335.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 10th. Finally, KeyCorp raised their price target on Spotify Technology from $300.00 to $350.00 and gave the company an “overweight” rating in a research note on Friday, April 12th. Eight analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $301.81.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $281.34 on Tuesday. The stock has a market capitalization of $55.80 billion, a P/E ratio of -95.05 and a beta of 1.63. Spotify Technology has a 1-year low of $128.67 and a 1-year high of $319.30. The business’s 50 day moving average is $269.74 and its two-hundred day moving average is $217.24.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42. The firm had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.87 billion. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. During the same period in the previous year, the company earned ($1.24) EPS. As a group, equities research analysts anticipate that Spotify Technology will post 3.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Massachusetts Financial Services Co. MA grew its position in Spotify Technology by 16.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock worth $572,015,000 after purchasing an additional 523,237 shares during the period. Wellington Management Group LLP boosted its stake in Spotify Technology by 61.7% during the third quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock worth $459,364,000 after buying an additional 1,133,305 shares during the period. AMF Tjanstepension AB raised its holdings in Spotify Technology by 1.3% during the third quarter. AMF Tjanstepension AB now owns 2,025,000 shares of the company’s stock worth $313,146,000 after purchasing an additional 25,000 shares in the last quarter. Acadian Asset Management LLC increased its holdings in shares of Spotify Technology by 11.5% in the 3rd quarter. Acadian Asset Management LLC now owns 1,916,821 shares of the company’s stock valued at $296,376,000 after acquiring an additional 197,368 shares during the period. Finally, Artisan Partners Limited Partnership raised its position in Spotify Technology by 24.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,400,811 shares of the company’s stock valued at $263,226,000 after purchasing an additional 277,733 shares during the last quarter. Institutional investors and hedge funds 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.