Spotify Technology (NYSE:SPOT) Given New $350.00 Price Target at Morgan Stanley

Spotify Technology (NYSE:SPOT) had its target price hoisted by equities research analysts at Morgan Stanley from $270.00 to $350.00 in a research note issued on Monday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 15.33% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. Raymond James upped their price objective on shares of Spotify Technology from $260.00 to $320.00 and gave the company an “outperform” rating in a research report on Monday, April 15th. Canaccord Genuity Group raised their price target on shares of Spotify Technology from $315.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday. Pivotal Research increased their price objective on shares of Spotify Technology from $330.00 to $390.00 and gave the company a “buy” rating in a research note on Friday, April 5th. Barclays raised their price objective on shares of Spotify Technology from $270.00 to $335.00 and gave the stock an “overweight” rating in a report on Wednesday, April 10th. Finally, HSBC started coverage on shares of Spotify Technology in a research note on Wednesday, March 27th. They issued a “buy” rating and a $310.00 target price on the stock. Seven analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $276.58.

Spotify Technology Trading Up 11.5 %

Shares of NYSE SPOT opened at $303.48 on Monday. The stock has a fifty day moving average price of $269.00 and a 200 day moving average price of $216.78. Spotify Technology has a 12-month low of $128.67 and a 12-month high of $319.30. The company has a market cap of $60.19 billion, a P/E ratio of -102.53 and a beta of 1.63.

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

Hedge Funds Weigh In On Spotify Technology

Large investors have recently bought and sold shares of the stock. First Horizon Advisors Inc. boosted its stake in Spotify Technology by 195.0% during the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock valued at $27,000 after buying an additional 117 shares in the last quarter. Pinnacle Bancorp Inc. bought a new stake in Spotify Technology in the fourth quarter worth about $29,000. GAMMA Investing LLC acquired a new stake in Spotify Technology in the 4th quarter valued at about $32,000. Lindbrook Capital LLC boosted its holdings in Spotify Technology by 32.3% during the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after buying an additional 50 shares in the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of Spotify Technology in the 1st quarter worth $40,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

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.