Spotify Technology (NYSE:SPOT) Price Target Raised to $325.00 at Benchmark

Spotify Technology (NYSE:SPOT) had its price target increased by Benchmark from $290.00 to $325.00 in a report issued on Thursday, Benzinga reports. Benchmark currently has a buy rating on the stock.

A number of other analysts have also weighed in on SPOT. Morgan Stanley raised their price objective on shares of Spotify Technology from $250.00 to $270.00 and gave the company an overweight rating in a research note on Wednesday, February 7th. DZ Bank upgraded shares of Spotify Technology from a sell rating to a hold rating and set a $240.00 price objective for the company in a research note on Wednesday, February 7th. Pivotal Research raised their price objective on shares of Spotify Technology from $330.00 to $390.00 and gave the company a buy rating in a research note on Friday, April 5th. JPMorgan Chase & Co. raised their price target on shares of Spotify Technology from $280.00 to $320.00 and gave the company an overweight rating in a report on Monday, April 8th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Spotify Technology from $260.00 to $340.00 and gave the company a buy rating in a report on Wednesday. Six equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $265.24.

Spotify Technology Trading Down 1.5 %

Shares of Spotify Technology stock opened at $289.20 on Thursday. The company has a 50-day moving average of $266.24 and a 200 day moving average of $213.35. Spotify Technology has a 1 year low of $128.67 and a 1 year high of $313.16.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, February 6th. The company reported ($0.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.01. The business had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.72 billion. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. Spotify Technology’s revenue was up 16.0% compared to the same quarter last year. During the same period last year, the business earned ($1.43) EPS. Equities research analysts forecast that Spotify Technology will post 3.51 EPS for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Institutional investors and hedge funds have recently modified their holdings of the stock. First Horizon Advisors Inc. raised its position 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 valued at $27,000 after buying an additional 117 shares during the last quarter. Pinnacle Bancorp Inc. bought a new stake in Spotify Technology in the fourth quarter worth $29,000. GAMMA Investing LLC bought a new stake in Spotify Technology in the fourth quarter worth $32,000. Quarry LP bought a new stake in Spotify Technology in the second quarter worth $35,000. Finally, LM Advisors LLC bought a new stake in Spotify Technology in the fourth quarter worth $37,000. Institutional investors own 84.09% of the company’s stock.

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.