Spotify Technology (NYSE:SPOT) PT Raised to $180.00 at Guggenheim

Spotify Technology (NYSE:SPOT – Get Rating) had its price target boosted by Guggenheim from $165.00 to $180.00 in a research report released on Tuesday, The Fly reports.

A number of other analysts have also issued reports on the company. Benchmark raised their price target on Spotify Technology from $140.00 to $150.00 and gave the stock a buy rating in a research note on Friday, April 21st. Atlantic Securities upgraded shares of Spotify Technology from a neutral rating to an overweight rating and set a $160.00 price objective on the stock in a research note on Monday, February 6th. Bank of America boosted their price target on shares of Spotify Technology from $143.00 to $165.00 in a research report on Wednesday, April 26th. Truist Financial lifted their price target on Spotify Technology from $132.00 to $154.00 and gave the stock a buy rating in a research note on Tuesday, April 18th. Finally, Pivotal Research lifted their price target on Spotify Technology from $100.00 to $130.00 and gave the stock a hold rating in a research note on Wednesday, February 1st. Seven equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $143.75.

Spotify Technology Price Performance

SPOT opened at $147.67 on Tuesday. The business has a 50 day simple moving average of $136.00 and a 200-day simple moving average of $110.03. The stock has a market capitalization of $28.09 billion, a P/E ratio of -32.31 and a beta of 1.76. Spotify Technology has a 12 month low of $69.29 and a 12 month high of $152.30.

Spotify Technology (NYSE:SPOT – Get Rating) last released its quarterly earnings data on Tuesday, April 25th. The company reported ($1.24) earnings per share for the quarter, missing the consensus estimate of ($1.01) by ($0.23). Spotify Technology had a negative net margin of 6.49% and a negative return on equity of 33.54%. The firm had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.39 billion. Research analysts anticipate that Spotify Technology will post -3.02 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SPOT. Asset Management One Co. Ltd. lifted its position in shares of Spotify Technology by 0.4% in the fourth quarter. Asset Management One Co. Ltd. now owns 24,230 shares of the company’s stock valued at $1,914,000 after buying an additional 87 shares during the last quarter. Xponance Inc. lifted its holdings in shares of Spotify Technology by 0.5% in the first quarter. Xponance Inc. now owns 19,058 shares of the company’s stock worth $2,547,000 after acquiring an additional 94 shares during the last quarter. First Manhattan Co. raised its holdings in Spotify Technology by 65.8% in the 1st quarter. First Manhattan Co. now owns 252 shares of the company’s stock valued at $38,000 after buying an additional 100 shares during the last quarter. Raymond James & Associates raised its holdings in Spotify Technology by 0.3% in the 1st quarter. Raymond James & Associates now owns 34,782 shares of the company’s stock valued at $4,648,000 after buying an additional 107 shares during the last quarter. Finally, Signaturefd LLC raised its holdings in Spotify Technology by 14.3% during the 1st quarter. Signaturefd LLC now owns 863 shares of the company’s stock worth $115,000 after purchasing an additional 108 shares during the last quarter. Institutional investors and hedge funds own 52.80% of the company’s stock.

About Spotify Technology

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Spotify Technology SA is a digital music service offering music fans instant access to a world of music. It operates through the Premium and Ad-Supported segments. The Premium segment provides subscribers with unlimited online and offline high-quality streaming access of music and podcasts on computers, tablets, and mobile devices.