Spotify Technology (NYSE:SPOT) Given New $310.00 Price Target at Citigroup

Spotify Technology (NYSE:SPOT) had its price objective boosted by Citigroup from $255.00 to $310.00 in a report published on Tuesday morning, Benzinga reports. The firm currently has a neutral rating on the stock.

SPOT has been the subject of several other research reports. TheStreet raised shares of Spotify Technology from a d+ rating to a c- rating in a report on Friday, February 9th. KeyCorp raised their price target on Spotify Technology from $300.00 to $350.00 and gave the company an overweight rating in a report on Friday, April 12th. HSBC increased their target price on Spotify Technology from $310.00 to $355.00 and gave the company a buy rating in a research report on Wednesday, April 24th. Wells Fargo & Company upped their price target on shares of Spotify Technology from $250.00 to $280.00 and gave the company an overweight rating in a research note on Wednesday, January 31st. Finally, Barclays lifted their price objective on shares of Spotify Technology from $335.00 to $350.00 and gave the stock an overweight rating in a research note on Wednesday, April 24th. Eight equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat.com, Spotify Technology currently has an average rating of Moderate Buy and an average price target of $306.42.

Spotify Technology Stock Performance

SPOT opened at $298.21 on Tuesday. Spotify Technology has a fifty-two week low of $129.23 and a fifty-two week high of $319.30. The stock has a market cap of $56.72 billion, a price-to-earnings ratio of -445.08 and a beta of 1.61. The firm’s fifty day moving average is $277.33 and its 200 day moving average is $226.31.

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, topping the consensus estimate of $0.63 by $0.42. The firm had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.87 billion. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. During the same quarter last year, the business posted ($1.24) earnings per share. On average, equities research analysts predict that Spotify Technology will post 4.78 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP grew its position in shares of Spotify Technology by 61.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock worth $459,364,000 after buying an additional 1,133,305 shares in the last quarter. Schroder Investment Management Group increased its position in Spotify Technology by 303.4% during the 3rd quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock valued at $203,396,000 after purchasing an additional 989,243 shares during the period. Artisan Partners Limited Partnership raised its holdings in shares of Spotify Technology by 194.7% in the 3rd quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock valued at $173,673,000 after purchasing an additional 741,955 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Spotify Technology by 16.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock worth $572,015,000 after purchasing an additional 523,237 shares during the period. Finally, Norges Bank bought a new position in shares of Spotify Technology during the fourth quarter valued at approximately $92,429,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

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.