Barclays Boosts Spotify Technology (NYSE:SPOT) Price Target to $350.00

Spotify Technology (NYSE:SPOT) had its price objective raised by Barclays from $335.00 to $350.00 in a research note published on Wednesday, Benzinga reports. Barclays currently has an overweight rating on the stock.

Several other research firms have also issued reports on SPOT. Rosenblatt Securities raised their price target on shares of Spotify Technology from $315.00 to $396.00 and gave the stock a buy rating in a report on Wednesday. KeyCorp raised their price objective on shares of Spotify Technology from $300.00 to $350.00 and gave the stock an overweight rating in a research report on Friday, April 12th. Bank of America raised their price objective on shares of Spotify Technology from $265.00 to $315.00 and gave the stock a buy rating in a research report on Wednesday, March 20th. DZ Bank raised 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 report on Wednesday, February 7th. Finally, Morgan Stanley lifted their price target on shares of Spotify Technology from $270.00 to $350.00 and gave the company an overweight rating in a research report on Monday. Eight equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $301.81.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $281.34 on Wednesday. The company has a 50 day simple moving average of $269.74 and a 200 day simple moving average of $217.24. The firm has a market cap of $55.80 billion, a PE ratio of -419.90 and a beta of 1.63. Spotify Technology has a 1 year low of $128.67 and a 1 year high of $319.30.

Spotify Technology (NYSE:SPOT) last released its quarterly 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. 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 during the quarter, compared to analyst estimates of $3.87 billion. During the same quarter last year, the business earned ($1.24) EPS. As a group, research analysts anticipate that Spotify Technology will post 3.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Hedge funds have recently made changes to their positions in the business. Technology Crossover Management XI Ltd. raised its stake in shares of Spotify Technology by 36.2% during the 3rd quarter. Technology Crossover Management XI Ltd. now owns 1,297,323 shares of the company’s stock worth $200,618,000 after purchasing an additional 344,841 shares during the period. Nordea Investment Management AB raised its stake in Spotify Technology by 7.9% in the 4th quarter. Nordea Investment Management AB now owns 248,659 shares of the company’s stock valued at $46,927,000 after acquiring an additional 18,105 shares during the period. Assenagon Asset Management S.A. raised its stake in Spotify Technology by 410.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 97,771 shares of the company’s stock valued at $18,372,000 after acquiring an additional 78,609 shares during the period. GSA Capital Partners LLP raised its stake in Spotify Technology by 452.4% in the 3rd quarter. GSA Capital Partners LLP now owns 14,242 shares of the company’s stock valued at $2,202,000 after acquiring an additional 11,664 shares during the period. Finally, Rheos Capital Works Inc. raised its stake in Spotify Technology by 205.7% in the 4th quarter. Rheos Capital Works Inc. now owns 107,000 shares of the company’s stock valued at $20,106,000 after acquiring an additional 72,000 shares during the period. 84.09% of the stock is currently owned by 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.