Spotify Technology (NYSE:SPOT) Price Target Increased to $164.00 by Analysts at Bank of America

Spotify Technology (NYSE:SPOTGet Rating) had its price target lifted by equities research analysts at Bank of America from $137.00 to $164.00 in a research note issued to investors on Thursday, The Fly reports. Bank of America‘s price objective would indicate a potential upside of 41.34% from the stock’s current price.

SPOT has been the subject of several other research reports. Citigroup dropped their price target on shares of Spotify Technology from $240.00 to $165.00 in a research note on Friday, April 29th. Barclays lowered their price objective on Spotify Technology from $280.00 to $170.00 in a research report on Thursday, April 28th. Pivotal Research cut Spotify Technology from a “buy” rating to a “hold” rating and reduced their target price for the company from $235.00 to $110.00 in a report on Thursday, April 28th. TheStreet cut shares of Spotify Technology from a “c-” rating to a “d+” rating in a research report on Tuesday, March 15th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of Spotify Technology from $140.00 to $115.00 in a research note on Thursday, April 28th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology has a consensus rating of “Hold” and a consensus price target of $205.76.

Shares of SPOT stock opened at $116.03 on Thursday. The business has a fifty day simple moving average of $117.42 and a 200 day simple moving average of $165.91. The company has a market cap of $22.07 billion, a P/E ratio of -163.42 and a beta of 1.79. Spotify Technology has a twelve month low of $89.03 and a twelve month high of $305.60.

Spotify Technology (NYSE:SPOTGet Rating) last released its quarterly earnings data on Wednesday, April 27th. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.40. Spotify Technology had a net margin of 0.68% and a return on equity of 3.02%. The business had revenue of $2.66 billion during the quarter, compared to analysts’ expectations of $2.61 billion. During the same period in the prior year, the company earned ($0.30) EPS. The firm’s quarterly revenue was up 23.9% compared to the same quarter last year. On average, analysts anticipate that Spotify Technology will post -0.59 EPS for the current year.

Hedge funds have recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC increased its holdings in shares of Spotify Technology by 26.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,358 shares of the company’s stock worth $1,722,000 after buying an additional 1,558 shares during the last quarter. Eidelman Virant Capital lifted its holdings in shares of Spotify Technology by 4.0% in the 4th quarter. Eidelman Virant Capital now owns 21,776 shares of the company’s stock valued at $5,120,000 after purchasing an additional 835 shares during the last quarter. Nordea Investment Management AB increased its stake in Spotify Technology by 977.9% in the fourth quarter. Nordea Investment Management AB now owns 44,971 shares of the company’s stock valued at $10,826,000 after purchasing an additional 40,799 shares during the period. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Spotify Technology in the 4th quarter valued at approximately $43,000. Finally, Shellback Capital LP raised its position in Spotify Technology by 13.6% in the fourth quarter. Shellback Capital LP now owns 135,000 shares of the company’s stock worth $31,594,000 after acquiring an additional 16,137 shares in the last quarter. 56.36% of the stock is currently owned by institutional investors and hedge funds.

About Spotify Technology (Get Rating)

Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.

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