Benchmark Increases Spotify Technology (NYSE:SPOT) Price Target to $375.00

Spotify Technology (NYSE:SPOT) had its target price lifted by Benchmark from $325.00 to $375.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s target price indicates a potential upside of 29.67% from the stock’s current price.

Other analysts have also issued research reports about the stock. UBS Group increased their price target on shares of Spotify Technology from $274.00 to $375.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. Pivotal Research increased their price target on shares of Spotify Technology from $390.00 to $400.00 and gave the stock a “buy” rating in a research report on Tuesday. Morgan Stanley increased their price target on shares of Spotify Technology from $270.00 to $350.00 and gave the stock an “overweight” rating in a research report on Monday. DZ Bank upgraded shares of Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 price target on the stock in a research report on Wednesday, February 7th. Finally, Macquarie increased their price target on shares of Spotify Technology from $300.00 to $330.00 and gave the stock an “outperform” rating in a research report on Monday. Eight research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $301.81.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $289.20 on Wednesday. The company’s 50 day moving average price is $270.61 and its two-hundred day moving average price is $217.74. Spotify Technology has a 12-month low of $128.67 and a 12-month high of $319.30.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. The firm had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.87 billion. During the same quarter in the prior year, the business posted ($1.24) EPS. As a group, sell-side analysts forecast that Spotify Technology will post 3.97 EPS for the current year.

Institutional Investors Weigh In On Spotify Technology

Large investors have recently modified their holdings of the company. Technology Crossover Management XI Ltd. increased its position in shares of Spotify Technology by 36.2% during the third quarter. Technology Crossover Management XI Ltd. now owns 1,297,323 shares of the company’s stock worth $200,618,000 after buying an additional 344,841 shares during the period. Nordea Investment Management AB increased its position in shares of Spotify Technology by 7.9% during the fourth quarter. Nordea Investment Management AB now owns 248,659 shares of the company’s stock worth $46,927,000 after buying an additional 18,105 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Spotify Technology by 410.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 97,771 shares of the company’s stock worth $18,372,000 after buying an additional 78,609 shares during the period. GSA Capital Partners LLP increased its position in shares of Spotify Technology by 452.4% during the third quarter. GSA Capital Partners LLP now owns 14,242 shares of the company’s stock worth $2,202,000 after buying an additional 11,664 shares during the period. Finally, Rheos Capital Works Inc. increased its position in shares of Spotify Technology by 205.7% during the fourth quarter. Rheos Capital Works Inc. now owns 107,000 shares of the company’s stock worth $20,106,000 after buying an additional 72,000 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.