Canaccord Genuity Group Boosts Spotify Technology (NYSE:SPOT) Price Target to $330.00

Spotify Technology (NYSE:SPOT) had its price target boosted by stock analysts at Canaccord Genuity Group from $315.00 to $330.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 19.64% from the company’s previous close.

SPOT has been the topic of several other reports. UBS Group raised their target price on Spotify Technology from $274.00 to $375.00 and gave the company a “buy” rating in a research report on Friday, April 5th. HSBC assumed coverage on Spotify Technology in a research report on Wednesday, March 27th. They issued a “buy” rating and a $310.00 target price on the stock. DZ Bank upgraded Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 price target on the stock in a research report on Wednesday, February 7th. Raymond James lifted their price target on Spotify Technology from $260.00 to $320.00 and gave the company an “outperform” rating in a research report on Monday, April 15th. Finally, The Goldman Sachs Group lifted their price target on Spotify Technology from $235.00 to $277.00 and gave the company a “neutral” rating in a research report on Wednesday, April 17th. Six investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $267.73.

Spotify Technology Trading Down 4.6 %

Shares of NYSE SPOT opened at $275.83 on Monday. The company has a market cap of $54.71 billion, a price-to-earnings ratio of -93.19 and a beta of 1.63. Spotify Technology has a 12-month low of $128.67 and a 12-month high of $313.16. The stock’s 50 day simple moving average is $266.94 and its 200 day simple moving average is $214.97.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, February 6th. The company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.01. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The firm had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period last year, the firm earned ($1.43) EPS. The firm’s revenue was up 16.0% compared to the same quarter last year. As a group, equities analysts forecast that Spotify Technology will post 3.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Future Financial Wealth Managment LLC bought a new position in shares of Spotify Technology during the 1st quarter worth about $40,000. Pinnacle Bancorp Inc. bought a new position in shares of Spotify Technology during the 4th quarter worth about $29,000. GAMMA Investing LLC bought a new position in shares of Spotify Technology during the 4th quarter worth about $32,000. First Horizon Advisors Inc. increased its holdings in shares of Spotify Technology by 195.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after purchasing an additional 117 shares during the period. Finally, LM Advisors LLC bought a new position in shares of Spotify Technology during the 4th quarter worth about $37,000. 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.