Benchmark Raises Spotify Technology (NYSE:SPOT) Price Target to $375.00

Spotify Technology (NYSE:SPOT) had its target price hoisted by Benchmark from $325.00 to $375.00 in a report issued on Wednesday morning, Benzinga reports. Benchmark currently has a buy rating on the stock.

SPOT has been the subject of several other research reports. Rosenblatt Securities lifted their price objective on shares of Spotify Technology from $315.00 to $396.00 and gave the company a buy rating in a research note on Wednesday. Pivotal Research boosted their price target on shares of Spotify Technology from $390.00 to $400.00 and gave the company a buy rating in a research note on Tuesday. Barclays boosted their price target on shares of Spotify Technology from $270.00 to $335.00 and gave the company an overweight rating in a research note on Wednesday, April 10th. UBS Group boosted their price target on shares of Spotify Technology from $274.00 to $375.00 and gave the company a buy rating in a research note on Friday, April 5th. Finally, Bank of America boosted their price target on shares of Spotify Technology from $265.00 to $315.00 and gave the company a buy rating in a research note on Wednesday, March 20th. Eight analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $301.81.

Spotify Technology Stock Up 0.2 %

NYSE:SPOT opened at $289.68 on Wednesday. The company has a fifty day moving average of $271.48 and a 200-day moving average of $218.66. The firm has a market capitalization of $57.45 billion, a P/E ratio of -432.35 and a beta of 1.63. Spotify Technology has a twelve month low of $128.67 and a twelve month high of $319.30.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.42. The company had revenue of $3.95 billion during the quarter, compared to analyst estimates of $3.87 billion. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. During the same quarter in the previous year, the business posted ($1.24) EPS. On average, analysts anticipate that Spotify Technology will post 3.97 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Lindbrook Capital LLC boosted its stake 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 buying an additional 50 shares in the last quarter. Signaturefd LLC boosted its stake in shares of Spotify Technology by 4.4% during the fourth quarter. Signaturefd LLC now owns 1,222 shares of the company’s stock valued at $230,000 after purchasing an additional 51 shares during the period. Summit Trail Advisors LLC boosted its stake in shares of Spotify Technology by 3.5% during the fourth quarter. Summit Trail Advisors LLC now owns 1,664 shares of the company’s stock valued at $313,000 after purchasing an additional 56 shares during the period. Private Trust Co. NA boosted its stake in shares of Spotify Technology by 18.4% during the fourth quarter. Private Trust Co. NA now owns 367 shares of the company’s stock valued at $69,000 after purchasing an additional 57 shares during the period. Finally, Delta Asset Management LLC TN boosted its stake in shares of Spotify Technology by 6.7% during the fourth quarter. Delta Asset Management LLC TN now owns 960 shares of the company’s stock valued at $180,000 after purchasing an additional 60 shares during the period. Hedge funds and other 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.