Loop Capital Raises Spotify Technology (NYSE:SPOT) Price Target to $250.00

Spotify Technology (NYSE:SPOT) had its target price upped by Loop Capital from $165.00 to $250.00 in a research report released on Monday morning, Benzinga reports. Loop Capital currently has a hold rating on the stock.

A number of other brokerages also recently weighed in on SPOT. DZ Bank raised shares of Spotify Technology from a sell rating to a hold rating and set a $240.00 price target for the company in a report on Wednesday, February 7th. TheStreet raised Spotify Technology from a d+ rating to a c- rating in a report on Friday, February 9th. Macquarie boosted their price target on Spotify Technology from $300.00 to $330.00 and gave the stock an outperform rating in a report on Monday. Wells Fargo & Company raised their price objective on Spotify Technology from $250.00 to $280.00 and gave the company an overweight rating in a research note on Wednesday, January 31st. Finally, Rosenblatt Securities lifted their target price on Spotify Technology from $300.00 to $315.00 and gave the company a buy rating in a research report on Wednesday, February 7th. Eight equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology has a consensus rating of Moderate Buy and a consensus price target of $301.81.

Spotify Technology Stock Performance

NYSE:SPOT opened at $281.34 on Monday. The company has a market cap of $55.80 billion, a price-to-earnings ratio of -95.05 and a beta of 1.63. Spotify Technology has a fifty-two week low of $128.67 and a fifty-two week high of $319.30. The stock has a fifty day moving average price of $269.74 and a 200-day moving average price of $217.24.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42. The business had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. During the same quarter in the previous year, the firm earned ($1.24) earnings per share. Research analysts predict that Spotify Technology will post 3.5 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP boosted its stake in Spotify Technology by 61.7% during the third quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock worth $459,364,000 after acquiring an additional 1,133,305 shares in the last quarter. Schroder Investment Management Group boosted its position in shares of Spotify Technology by 303.4% during the 3rd quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock worth $203,396,000 after purchasing an additional 989,243 shares in the last quarter. Artisan Partners Limited Partnership grew its stake 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 buying an additional 741,955 shares during the period. Massachusetts Financial Services Co. MA increased its position in 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 valued at $572,015,000 after buying an additional 523,237 shares in the last quarter. Finally, Norges Bank bought a new stake in Spotify Technology in the 4th quarter valued at about $92,429,000. 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.