Spotify Technology (NYSE:SPOT) PT Raised to $356.00

Spotify Technology (NYSE:SPOT) had its price objective increased by investment analysts at TD Cowen from $273.00 to $356.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “hold” rating on the stock. TD Cowen’s price target would indicate a potential upside of 8.22% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. KeyCorp boosted their price target on shares of Spotify Technology from $400.00 to $410.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 10th. Loop Capital boosted their target price on shares of Spotify Technology from $165.00 to $250.00 and gave the company a “hold” rating in a report on Monday, April 22nd. Jefferies Financial Group reiterated a “buy” rating and set a $385.00 price target (up from $242.00) on shares of Spotify Technology in a report on Thursday, July 11th. JPMorgan Chase & Co. lifted their target price on Spotify Technology from $365.00 to $375.00 and gave the stock an “overweight” rating in a report on Tuesday, June 4th. Finally, Pivotal Research upped their price objective on shares of Spotify Technology from $400.00 to $460.00 and gave the company a “buy” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $353.15.

Spotify Technology Stock Down 2.2 %

Shares of NYSE:SPOT opened at $328.97 on Wednesday. Spotify Technology has a 12-month low of $129.23 and a 12-month high of $346.23. The business has a fifty day simple moving average of $310.50 and a 200 day simple moving average of $276.03.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.25. The company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.82 billion. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The firm’s revenue was up 19.8% compared to the same quarter last year. During the same period last year, the company earned ($1.69) earnings per share. On average, analysts forecast that Spotify Technology will post 5 EPS for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

A number of large investors have recently added to or reduced their stakes in SPOT. Rational Advisors LLC bought a new position in shares of Spotify Technology during the 2nd quarter valued at about $1,632,000. Bailard Inc. grew its position in Spotify Technology by 1,115.2% during the second quarter. Bailard Inc. now owns 14,546 shares of the company’s stock valued at $4,564,000 after acquiring an additional 13,349 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Spotify Technology by 6.0% during the second quarter. Bank of New York Mellon Corp now owns 335,248 shares of the company’s stock worth $105,198,000 after acquiring an additional 18,948 shares in the last quarter. Calamos Advisors LLC raised its stake in shares of Spotify Technology by 6.2% during the second quarter. Calamos Advisors LLC now owns 56,253 shares of the company’s stock worth $17,652,000 after acquiring an additional 3,282 shares in the last quarter. Finally, Calamos Wealth Management LLC lifted its holdings in shares of Spotify Technology by 9.3% in the 2nd quarter. Calamos Wealth Management LLC now owns 7,205 shares of the company’s stock worth $2,261,000 after acquiring an additional 614 shares during the last quarter. Hedge funds and other 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.