Pivotal Research Increases Spotify Technology (NYSE:SPOT) Price Target to $400.00

Spotify Technology (NYSE:SPOT) had its target price increased by stock analysts at Pivotal Research from $390.00 to $400.00 in a research report issued to clients and investors on Tuesday, Marketbeat reports. The firm currently has a “buy” rating on the stock. Pivotal Research’s target price indicates a potential upside of 42.18% from the company’s current price.

Several other equities research analysts have also commented on SPOT. 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 research note on Monday, April 8th. HSBC began coverage on shares of Spotify Technology in a research note on Wednesday, March 27th. They set a “buy” rating and a $310.00 target price on the stock. TheStreet raised Spotify Technology from a “d+” rating to a “c-” rating in a report on Friday, February 9th. Benchmark increased their price objective on Spotify Technology from $290.00 to $325.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Finally, The Goldman Sachs Group lifted their target price on shares of Spotify Technology from $235.00 to $277.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 17th. Eight equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $301.81.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $281.34 on Tuesday. The stock has a market capitalization of $55.80 billion, a price-to-earnings ratio of -95.05 and a beta of 1.63. Spotify Technology has a one year low of $128.67 and a one year high of $319.30. The company’s 50-day simple moving average is $269.74 and its 200-day simple moving average is $217.24.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The company had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. During the same quarter last year, the business posted ($1.24) EPS. As a group, research analysts forecast that Spotify Technology will post 3.5 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. First Horizon Advisors Inc. lifted its position in Spotify Technology by 195.0% in the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after purchasing an additional 117 shares during the period. Pinnacle Bancorp Inc. acquired a new stake in shares of Spotify Technology during the 4th quarter worth about $29,000. GAMMA Investing LLC bought a new position in Spotify Technology during the 4th quarter valued at about $32,000. Lindbrook Capital LLC lifted its holdings in Spotify Technology by 32.3% during the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after purchasing an additional 50 shares during the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in Spotify Technology in the first quarter valued at about $40,000. 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.