Spotify Technology (NYSE:SPOT) Price Target Raised to $330.00 at Macquarie

Spotify Technology (NYSE:SPOT) had its price target increased by Macquarie from $300.00 to $330.00 in a report published on Monday, Benzinga reports. Macquarie currently has an outperform rating on the stock.

A number of other research analysts have also commented on SPOT. Wells Fargo & Company upped their price objective on shares of Spotify Technology from $250.00 to $280.00 and gave the company an overweight rating in a research report on Wednesday, January 31st. Bank of America lifted their price target 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. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Spotify Technology from $260.00 to $340.00 and gave the company a buy rating in a research report on Wednesday, April 17th. Morgan Stanley lifted their price objective on Spotify Technology from $270.00 to $350.00 and gave the company an overweight rating in a report on Monday. Finally, KeyCorp raised their target price on Spotify Technology from $300.00 to $350.00 and gave the stock an overweight rating in a research report on Friday, April 12th. Seven investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $276.19.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $272.33 on Monday. The stock’s 50 day moving average price is $267.69 and its 200 day moving average price is $215.78. Spotify Technology has a 12 month low of $128.67 and a 12 month high of $313.16. The stock has a market cap of $54.01 billion, a price-to-earnings ratio of -92.00 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results 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 return on equity of 23.43% and a negative net margin of 4.01%. The business had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the company posted ($1.43) EPS. Spotify Technology’s revenue for the quarter was up 16.0% on a year-over-year basis. On average, sell-side analysts expect that Spotify Technology will post 3.5 EPS for the current year.

Institutional Trading of Spotify Technology

Several institutional investors and hedge funds have recently modified their holdings of SPOT. Lindbrook Capital LLC increased its stake in Spotify Technology by 32.3% in the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after acquiring an additional 50 shares during the last quarter. Signaturefd LLC increased its position in shares of Spotify Technology by 4.4% during the 4th quarter. Signaturefd LLC now owns 1,222 shares of the company’s stock valued at $230,000 after purchasing an additional 51 shares during the last quarter. Summit Trail Advisors LLC raised its holdings in shares of Spotify Technology by 3.5% during the 4th quarter. Summit Trail Advisors LLC now owns 1,664 shares of the company’s stock valued at $313,000 after buying an additional 56 shares in the last quarter. Private Trust Co. NA lifted its position in Spotify Technology by 18.4% in the 4th quarter. Private Trust Co. NA now owns 367 shares of the company’s stock worth $69,000 after buying an additional 57 shares during the last quarter. Finally, Delta Asset Management LLC TN boosted its stake in Spotify Technology by 6.7% in the fourth quarter. Delta Asset Management LLC TN now owns 960 shares of the company’s stock worth $180,000 after buying an additional 60 shares in 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.