Spotify Technology (NYSE:SPOT) Price Target Raised to $335.00

Spotify Technology (NYSE:SPOT) had its price objective increased by Barclays from $270.00 to $335.00 in a report released on Wednesday morning, Benzinga reports. They currently have an overweight rating on the stock.

SPOT has been the subject of several other reports. Wells Fargo & Company upped their price objective on Spotify Technology from $250.00 to $280.00 and gave the company an overweight rating in a research note on Wednesday, January 31st. Rosenblatt Securities upped their price objective on Spotify Technology from $300.00 to $315.00 and gave the company a buy rating in a research note on Wednesday, February 7th. TheStreet raised Spotify Technology from a d+ rating to a c- rating in a research note on Friday, February 9th. UBS Group upped their price objective on Spotify Technology from $274.00 to $375.00 and gave the company a buy rating in a research note on Friday, April 5th. Finally, Macquarie reaffirmed an outperform rating and set a $300.00 price objective (up from $232.00) on shares of Spotify Technology in a research note on Wednesday, February 7th. Six analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $250.16.

Spotify Technology Price Performance

SPOT opened at $300.53 on Wednesday. Spotify Technology has a 12 month low of $128.67 and a 12 month high of $313.16. The stock has a market capitalization of $59.60 billion, a price-to-earnings ratio of -101.53 and a beta of 1.63. The business has a fifty day moving average price of $261.53 and a 200 day moving average price of $209.48.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. The company had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.72 billion. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. Spotify Technology’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same period in the previous year, the business earned ($1.43) EPS. On average, research analysts anticipate that Spotify Technology will post 3.55 earnings per share for the current year.

Hedge Funds Weigh In On Spotify Technology

Several institutional investors and hedge funds have recently modified their holdings of SPOT. Technology Crossover Management XI Ltd. boosted its holdings in Spotify Technology by 36.2% in 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 in the last quarter. Nordea Investment Management AB raised its position in shares of Spotify Technology by 7.9% during the fourth quarter. Nordea Investment Management AB now owns 248,659 shares of the company’s stock valued at $46,927,000 after buying an additional 18,105 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of Spotify Technology by 410.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 97,771 shares of the company’s stock valued at $18,372,000 after buying an additional 78,609 shares during the last quarter. GSA Capital Partners LLP raised its position in shares of Spotify Technology by 452.4% during the third quarter. GSA Capital Partners LLP now owns 14,242 shares of the company’s stock valued at $2,202,000 after buying an additional 11,664 shares during the last quarter. Finally, Rheos Capital Works Inc. raised its position in shares of Spotify Technology by 205.7% during the fourth quarter. Rheos Capital Works Inc. now owns 107,000 shares of the company’s stock valued at $20,106,000 after buying an additional 72,000 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

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.