Spotify Technology (NYSE:SPOT) Price Target Increased to $355.00 by Analysts at HSBC

Spotify Technology (NYSE:SPOT) had its price target upped by equities researchers at HSBC from $310.00 to $355.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. HSBC’s price objective would suggest a potential upside of 22.75% from the stock’s current price.

A number of other equities research analysts also recently weighed in on SPOT. Loop Capital lifted their price objective on Spotify Technology from $165.00 to $250.00 and gave the company a “hold” rating in a report on Monday. Barclays boosted their price target on Spotify Technology from $335.00 to $350.00 and gave the company an “overweight” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft increased their price objective on Spotify Technology from $260.00 to $340.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. JPMorgan Chase & Co. lifted their price objective on Spotify Technology from $320.00 to $365.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, KeyCorp upped their target price on shares of Spotify Technology from $300.00 to $350.00 and gave the stock an “overweight” rating in a report on Friday, April 12th. Eight equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $301.81.

Spotify Technology Price Performance

Shares of SPOT stock opened at $289.20 on Wednesday. Spotify Technology has a one year low of $128.67 and a one year high of $319.30. The stock has a fifty day moving average price of $270.61 and a 200 day moving average price of $217.74. The stock has a market cap of $57.36 billion, a P/E ratio of -431.64 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.91%. The company had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.87 billion. During the same period last year, the firm earned ($1.24) EPS. Equities research analysts anticipate that Spotify Technology will post 3.52 EPS for the current year.

Institutional Trading of Spotify Technology

A number of institutional investors have recently bought and sold shares of SPOT. Technology Crossover Management XI Ltd. grew its stake in shares of Spotify Technology by 36.2% during the third quarter. Technology Crossover Management XI Ltd. now owns 1,297,323 shares of the company’s stock worth $200,618,000 after purchasing an additional 344,841 shares during the period. Nordea Investment Management AB grew its position in shares of Spotify Technology by 7.9% during the 4th quarter. Nordea Investment Management AB now owns 248,659 shares of the company’s stock worth $46,927,000 after buying an additional 18,105 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Spotify Technology by 410.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 97,771 shares of the company’s stock valued at $18,372,000 after acquiring an additional 78,609 shares during the last quarter. GSA Capital Partners LLP raised its position in shares of Spotify Technology by 452.4% in the 3rd quarter. GSA Capital Partners LLP now owns 14,242 shares of the company’s stock valued at $2,202,000 after acquiring an additional 11,664 shares during the period. Finally, Rheos Capital Works Inc. boosted its stake in Spotify Technology by 205.7% during the 4th quarter. Rheos Capital Works Inc. now owns 107,000 shares of the company’s stock worth $20,106,000 after acquiring an additional 72,000 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.