Spotify Technology (NYSE:SPOT) Price Target Raised to $325.00 at Benchmark

Spotify Technology (NYSE:SPOT) had its target price upped by Benchmark from $290.00 to $325.00 in a report issued on Thursday, Benzinga reports. Benchmark currently has a buy rating on the stock.

Several other equities research analysts have also recently issued reports on the stock. Rosenblatt Securities lifted their target price on shares of Spotify Technology from $300.00 to $315.00 and gave the stock 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 target price on the stock in a research note on Wednesday, February 7th. Bank of America lifted their target price on shares of Spotify Technology from $265.00 to $315.00 and gave the stock a buy rating in a research note on Wednesday, March 20th. TheStreet raised shares of Spotify Technology from a d+ rating to a c- rating in a research note on Friday, February 9th. Finally, The Goldman Sachs Group lifted their target price on shares of Spotify Technology from $235.00 to $277.00 and gave the stock a neutral rating in a research note on Wednesday. Six research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $265.24.

Spotify Technology Price Performance

Spotify Technology stock opened at $289.20 on Thursday. The company’s fifty day moving average price is $266.24 and its 200 day moving average price is $213.35. Spotify Technology has a 1 year low of $128.67 and a 1 year high of $313.16.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share (EPS) 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 firm had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter last year, the company earned ($1.43) EPS. The firm’s revenue for the quarter was up 16.0% compared to the same quarter last year. On average, sell-side analysts predict that Spotify Technology will post 3.51 earnings per share for the current fiscal year.

Institutional Trading of Spotify Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Integrity Wealth Solutions LLC acquired a new position in shares of Spotify Technology during the first quarter worth about $343,000. Wealth Enhancement Advisory Services LLC lifted its stake in Spotify Technology by 157.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 4,311 shares of the company’s stock valued at $1,138,000 after buying an additional 2,635 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new stake in Spotify Technology in the first quarter valued at approximately $40,000. Brookstone Capital Management lifted its stake in Spotify Technology by 5.0% in the first quarter. Brookstone Capital Management now owns 1,280 shares of the company’s stock valued at $338,000 after buying an additional 61 shares during the last quarter. Finally, Counterpoint Mutual Funds LLC purchased a new stake in Spotify Technology in the first quarter valued at approximately $525,000. 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.