Spotify Technology (NYSE:SPOT) Price Target Raised to $355.00 at HSBC

Spotify Technology (NYSE:SPOT) had its target price upped by HSBC from $310.00 to $355.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other brokerages have also commented on SPOT. Macquarie increased their price target on shares of Spotify Technology from $300.00 to $330.00 and gave the company an outperform rating in a research note on Monday. JPMorgan Chase & Co. increased their price target on shares of Spotify Technology from $320.00 to $365.00 and gave the company an overweight rating in a research note on Wednesday. Benchmark increased their price target on shares of Spotify Technology from $325.00 to $375.00 and gave the company a buy rating in a research note on Wednesday. Bank of America increased their price target on shares of Spotify Technology from $315.00 to $370.00 and gave the company a buy rating in a research note on Wednesday. Finally, Raymond James increased their price target on shares of Spotify Technology from $260.00 to $320.00 and gave the company an outperform rating in a research note on Monday, April 15th. Eight investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat, Spotify Technology presently has an average rating of Moderate Buy and an average target price of $301.81.

Spotify Technology Stock Performance

SPOT stock opened at $281.34 on Wednesday. The company’s 50 day moving average price is $269.74 and its 200 day moving average price is $217.24. Spotify Technology has a fifty-two week low of $128.67 and a fifty-two week high of $319.30. The firm has a market capitalization of $55.80 billion, a price-to-earnings ratio of -419.90 and a beta of 1.63.

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

Institutional Investors Weigh In On Spotify Technology

Hedge funds have recently modified their holdings of the stock. First Horizon Advisors Inc. lifted its holdings in shares of 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 period. Pinnacle Bancorp Inc. purchased a new position in Spotify Technology in the fourth quarter worth $29,000. GAMMA Investing LLC purchased a new position in Spotify Technology in the fourth quarter worth $32,000. Lindbrook Capital LLC raised its position in Spotify Technology by 32.3% in the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after acquiring an additional 50 shares in the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new position in Spotify Technology in the first quarter worth $40,000. 84.09% of the stock is owned by institutional investors and hedge funds.

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.