Spotify Technology (NYSE:SPOT) PT Raised to $350.00

Spotify Technology (NYSE:SPOT) had its price objective hoisted by stock analysts at Guggenheim from $290.00 to $350.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s price target points to a potential upside of 21.02% from the stock’s previous close.

A number of other research analysts also recently issued reports on the stock. Barclays boosted their target price on shares of Spotify Technology from $335.00 to $350.00 and gave the company an “overweight” rating in a research report on Wednesday. Loop Capital upped their price objective on shares of Spotify Technology from $165.00 to $250.00 and gave the stock a “hold” rating in a report on Monday. HSBC upped their price objective on shares of Spotify Technology from $310.00 to $355.00 and gave the stock a “buy” rating in a report on Wednesday. Benchmark upped their price objective on shares of Spotify Technology from $325.00 to $375.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Piper Sandler restated a “neutral” rating and set a $320.00 price objective (up previously from $300.00) on shares of Spotify Technology in a report on Wednesday. Eight analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and an average target price of $301.81.

Spotify Technology Stock Up 2.8 %

Spotify Technology stock opened at $289.20 on Wednesday. Spotify Technology has a 12-month low of $128.67 and a 12-month high of $319.30. The firm’s fifty day moving average is $270.61 and its 200 day moving average is $217.74. The company has a market capitalization of $57.36 billion, a PE ratio of -431.64 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 (EPS) for the quarter, beating 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 company had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. During the same quarter in the previous year, the company earned ($1.24) EPS. Sell-side analysts expect that Spotify Technology will post 3.52 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Several institutional investors have recently added to or reduced their stakes in SPOT. Impact Partnership Wealth LLC bought a new position in Spotify Technology during the third quarter valued at about $43,000. Exchange Traded Concepts LLC boosted its position in 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 purchasing an additional 4,283 shares during the period. ARK Investment Management LLC boosted its position in 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 purchasing an additional 100,026 shares during the period. Asset Management One Co. Ltd. boosted its position in 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 purchasing an additional 23,272 shares during the period. Finally, Handelsbanken Fonder AB boosted its position in 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 purchasing an additional 236 shares during the period. 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.