Spotify Technology (NYSE:SPOT) PT Raised to $320.00

Spotify Technology (NYSE:SPOT) had its price target upped by investment analysts at Raymond James from $260.00 to $320.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Raymond James’ price objective suggests a potential upside of 7.35% from the company’s previous close.

A number of other research firms also recently issued reports on SPOT. Rosenblatt Securities boosted their price target on shares of Spotify Technology from $300.00 to $315.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. DZ Bank raised shares of Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 price target on the stock in a research note on Wednesday, February 7th. Pivotal Research upped their target price on shares of Spotify Technology from $330.00 to $390.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. Barclays upped their target price on shares of Spotify Technology from $270.00 to $335.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 10th. Finally, HSBC began coverage on shares of Spotify Technology in a research note on Wednesday, March 27th. They set a “buy” rating and a $310.00 target price on the stock. Six research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $254.16.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $298.09 on Monday. The firm has a fifty day moving average price of $264.19 and a 200 day moving average price of $212.25. Spotify Technology has a 1 year low of $128.67 and a 1 year high of $313.16. The stock has a market cap of $59.12 billion, a PE ratio of -100.70 and a beta of 1.63.

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

Institutional Trading of Spotify Technology

A number of hedge funds have recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Spotify Technology in the fourth quarter worth $123,027,000. Wellington Management Group LLP increased its stake in shares of Spotify Technology by 61.7% in the third quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock worth $459,364,000 after buying an additional 1,133,305 shares during the last quarter. Schroder Investment Management Group increased its stake in shares of Spotify Technology by 303.4% in the third quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock worth $203,396,000 after buying an additional 989,243 shares during the last quarter. Artisan Partners Limited Partnership increased its stake in shares of Spotify Technology by 194.7% in the third quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock worth $173,673,000 after buying an additional 741,955 shares during the last quarter. Finally, Point72 Asset Management L.P. increased its stake in shares of Spotify Technology by 1,069.2% in the fourth quarter. Point72 Asset Management L.P. now owns 630,004 shares of the company’s stock worth $49,739,000 after buying an additional 695,004 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

About Spotify Technology

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.