Spotify Technology (NYSE:SPOT) PT Raised to $350.00

Spotify Technology (NYSE:SPOT) had its target price increased by equities research analysts at Guggenheim from $290.00 to $350.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s price target points to a potential upside of 21.02% from the stock’s current price.

A number of other research firms have also issued reports on SPOT. Piper Sandler reiterated a “neutral” rating and issued a $320.00 target price (up from $300.00) on shares of Spotify Technology in a research note on Wednesday. Bank of America raised their price target on shares of Spotify Technology from $315.00 to $370.00 and gave the stock a “buy” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft raised their price target on shares of Spotify Technology from $260.00 to $340.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. Raymond James raised their price target on shares of Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a research report on Monday, April 15th. Finally, 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. Eight analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $301.81.

Spotify Technology Trading Up 2.8 %

NYSE:SPOT opened at $289.20 on Wednesday. Spotify Technology has a 1 year low of $128.67 and a 1 year high of $319.30. The firm’s fifty day simple moving average is $270.61 and its 200 day simple moving average is $217.74. The firm has a market capitalization of $57.36 billion, a PE ratio of -431.64 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating 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 4.91%. The business had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.87 billion. During the same period last year, the business posted ($1.24) EPS. As a group, analysts anticipate that Spotify Technology will post 3.52 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Institutional investors have recently added to or reduced their stakes in the company. First Horizon Advisors Inc. lifted its holdings in Spotify Technology by 195.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock valued at $27,000 after purchasing an additional 117 shares during the last quarter. Pinnacle Bancorp Inc. bought a new position in shares of Spotify Technology in the fourth quarter worth about $29,000. GAMMA Investing LLC bought a new position in shares of Spotify Technology in the fourth quarter worth about $32,000. Lindbrook Capital LLC raised its stake in shares of Spotify Technology by 32.3% in the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after acquiring an additional 50 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in shares of Spotify Technology in the first quarter worth about $40,000. 84.09% of the stock is owned by institutional investors.

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.