Spotify Technology (NYSE:SPOT) PT Raised to $350.00

Spotify Technology (NYSE:SPOT) had its price target lifted by research analysts at KeyCorp from $300.00 to $350.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. KeyCorp’s price target would suggest a potential upside of 16.49% from the company’s previous close.

A number of other analysts have also commented on SPOT. Bank of America boosted their price objective on shares of Spotify Technology from $265.00 to $315.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. The Goldman Sachs Group upped their price target on shares of Spotify Technology from $171.00 to $195.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 9th. Pivotal Research upped their price target on shares of Spotify Technology from $330.00 to $390.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. Wells Fargo & Company upped their price target on shares of Spotify Technology from $250.00 to $280.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 31st. Finally, Morgan Stanley upped their price target on shares of Spotify Technology from $250.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 7th. Six equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average target price of $250.16.

Spotify Technology Stock Down 1.0 %

Spotify Technology stock opened at $300.45 on Friday. The company has a 50 day moving average of $261.53 and a 200-day moving average of $209.88. The stock has a market capitalization of $59.59 billion, a PE ratio of -101.50 and a beta of 1.63. Spotify Technology has a twelve month low of $128.67 and a twelve month high of $313.16.

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

Institutional Investors Weigh In On Spotify Technology

Large investors have recently bought and sold shares of the company. Pinnacle Bancorp Inc. acquired a new stake in Spotify Technology during the fourth quarter worth about $29,000. GAMMA Investing LLC acquired a new stake in shares of Spotify Technology in the 4th quarter valued at approximately $32,000. First Horizon Advisors Inc. boosted its stake in shares of Spotify Technology by 195.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock valued at $27,000 after purchasing an additional 117 shares in the last quarter. LM Advisors LLC acquired a new stake in shares of Spotify Technology in the 4th quarter valued at approximately $37,000. Finally, Lindbrook Capital LLC boosted its stake in shares of Spotify Technology by 32.3% in the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after purchasing an additional 50 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.