Spotify Technology (NYSE:SPOT) Price Target Raised to $370.00

Spotify Technology (NYSE:SPOT) had its price objective upped by Bank of America from $315.00 to $370.00 in a research report sent to investors on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also recently weighed in on SPOT. DZ Bank raised shares of Spotify Technology from a sell rating to a hold rating and set a $240.00 price target for the company in a research note on Wednesday, February 7th. The Goldman Sachs Group increased their price objective on Spotify Technology from $277.00 to $317.00 and gave the company a neutral rating in a report on Wednesday. UBS Group increased their price objective on Spotify Technology from $274.00 to $375.00 and gave the company a buy rating in a report on Friday, April 5th. Rosenblatt Securities increased their price objective on Spotify Technology from $315.00 to $396.00 and gave the company a buy rating in a report on Wednesday. Finally, KeyCorp increased their price objective on Spotify Technology from $300.00 to $350.00 and gave the company an overweight rating in a report on Friday, April 12th. Eight research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $301.81.

Spotify Technology Stock Up 0.2 %

Shares of SPOT opened at $289.68 on Wednesday. The stock has a market capitalization of $57.45 billion, a P/E ratio of -432.35 and a beta of 1.63. Spotify Technology has a twelve month low of $128.67 and a twelve month high of $319.30. The company has a 50 day moving average of $271.48 and a 200-day moving average of $218.66.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share 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 analysts’ expectations of $3.87 billion. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. During the same period last year, the business earned ($1.24) EPS. On average, sell-side analysts anticipate that Spotify Technology will post 3.97 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Lindbrook Capital LLC grew its position in Spotify Technology by 32.3% in the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after acquiring an additional 50 shares during the last quarter. Signaturefd LLC grew its position in Spotify Technology by 4.4% in the fourth quarter. Signaturefd LLC now owns 1,222 shares of the company’s stock valued at $230,000 after acquiring an additional 51 shares during the last quarter. Summit Trail Advisors LLC grew its position in Spotify Technology by 3.5% in the fourth quarter. Summit Trail Advisors LLC now owns 1,664 shares of the company’s stock valued at $313,000 after acquiring an additional 56 shares during the last quarter. Private Trust Co. NA grew its position in Spotify Technology by 18.4% in the fourth quarter. Private Trust Co. NA now owns 367 shares of the company’s stock valued at $69,000 after acquiring an additional 57 shares during the last quarter. Finally, Delta Asset Management LLC TN boosted its stake in shares of Spotify Technology by 6.7% during the fourth quarter. Delta Asset Management LLC TN now owns 960 shares of the company’s stock valued at $180,000 after purchasing an additional 60 shares in the last quarter. Institutional investors 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.