Spotify Technology (NYSE:SPOT) Price Target Raised to $400.00 at Pivotal Research

Spotify Technology (NYSE:SPOT) had its price target upped by Pivotal Research from $390.00 to $400.00 in a report released on Tuesday morning, Marketbeat Ratings reports. The brokerage currently has a buy rating on the stock.

Other analysts also recently issued research reports about the stock. Canaccord Genuity Group increased their target price on shares of Spotify Technology from $315.00 to $330.00 and gave the stock a buy rating in a research report on Monday. DZ Bank raised shares of Spotify Technology from a sell rating to a hold rating and set a $240.00 target price for the company in a research report on Wednesday, February 7th. Macquarie increased their target price on shares of Spotify Technology from $300.00 to $330.00 and gave the stock an outperform rating in a research report on Monday. Benchmark increased their target price on shares of Spotify Technology from $290.00 to $325.00 and gave the stock a buy rating in a research report on Thursday, April 18th. Finally, KeyCorp increased their price objective on shares of Spotify Technology from $300.00 to $350.00 and gave the company an overweight rating in a research report on Friday, April 12th. Seven analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $276.58.

Spotify Technology Price Performance

NYSE SPOT opened at $303.48 on Tuesday. Spotify Technology has a 12 month low of $128.67 and a 12 month high of $319.30. The company has a 50-day moving average of $269.00 and a 200-day moving average of $216.78. 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, topping analysts’ consensus estimates of ($0.37) by $0.01. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.72 billion. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The company’s revenue was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.43) EPS. As a group, equities research analysts anticipate that Spotify Technology will post 3.5 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

Several large investors have recently added to or reduced their stakes in SPOT. First Horizon Advisors Inc. lifted 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 worth $27,000 after purchasing an additional 117 shares during the last quarter. Pinnacle Bancorp Inc. bought a new stake in Spotify Technology in the fourth quarter valued at $29,000. GAMMA Investing LLC bought a new stake in Spotify Technology in the fourth quarter valued at $32,000. Lindbrook Capital LLC lifted 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 buying an additional 50 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in Spotify Technology in the first quarter valued at $40,000. 84.09% of the stock is currently owned by 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.