Spotify Technology (NYSE:SPOT) Price Target Raised to $350.00 at Barclays

Spotify Technology (NYSE:SPOT) had its target price lifted by Barclays from $335.00 to $350.00 in a report issued on Wednesday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

SPOT has been the topic of a number of other research reports. The Goldman Sachs Group boosted their price objective on Spotify Technology from $277.00 to $317.00 and gave the stock a neutral rating in a research note on Wednesday. Rosenblatt Securities upped their price target on Spotify Technology from $315.00 to $396.00 and gave the company a buy rating in a research note on Wednesday. Pivotal Research upped their price target on Spotify Technology from $390.00 to $400.00 and gave the company a buy rating in a research note on Tuesday. UBS Group upped their price target on Spotify Technology from $274.00 to $375.00 and gave the company a buy rating in a research note on Friday, April 5th. Finally, Benchmark upped their price target on Spotify Technology from $325.00 to $375.00 and gave the company a buy rating in a research note on Wednesday. Eight investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to MarketBeat, Spotify Technology presently has a consensus rating of Moderate Buy and a consensus target price of $301.81.

Spotify Technology Stock Performance

Spotify Technology stock opened at $281.34 on Wednesday. The firm has a market cap of $55.80 billion, a P/E ratio of -419.90 and a beta of 1.63. The business’s fifty day moving average is $269.74 and its two-hundred day moving average is $217.24. Spotify Technology has a 52 week low of $128.67 and a 52 week high of $319.30.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42. The company had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.87 billion. Spotify Technology had a negative return on equity of 4.91% and a negative net margin of 0.80%. During the same quarter in the previous year, the firm earned ($1.24) earnings per share. On average, equities research analysts predict that Spotify Technology will post 3.52 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SPOT. Impact Partnership Wealth LLC bought a new position in shares of Spotify Technology during the third quarter worth about $43,000. Exchange Traded Concepts LLC grew its holdings in shares of Spotify Technology by 122.0% during the third quarter. Exchange Traded Concepts LLC now owns 7,795 shares of the company’s stock worth $1,205,000 after buying an additional 4,283 shares in the last quarter. ARK Investment Management LLC grew its holdings in shares of Spotify Technology by 774.6% during the third quarter. ARK Investment Management LLC now owns 112,940 shares of the company’s stock worth $17,465,000 after buying an additional 100,026 shares in the last quarter. Asset Management One Co. Ltd. grew its holdings in shares of Spotify Technology by 87.7% during the third quarter. Asset Management One Co. Ltd. now owns 49,807 shares of the company’s stock worth $7,702,000 after buying an additional 23,272 shares in the last quarter. Finally, Handelsbanken Fonder AB grew its holdings in shares of Spotify Technology by 0.9% during the third quarter. Handelsbanken Fonder AB now owns 25,475 shares of the company’s stock worth $3,939,000 after buying an additional 236 shares in the last quarter. 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.