Spotify Technology (NYSE:SPOT) PT Raised to $370.00 at Bank of America

Spotify Technology (NYSE:SPOT) had its target price increased by investment analysts at Bank of America from $315.00 to $370.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s price objective would indicate a potential upside of 27.94% from the company’s current price.

Several other analysts have also recently commented on SPOT. Canaccord Genuity Group raised their price target on Spotify Technology from $315.00 to $330.00 and gave the company a “buy” rating in a report on Monday. Deutsche Bank Aktiengesellschaft raised their price target on Spotify Technology from $260.00 to $340.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Piper Sandler reissued a “neutral” rating and issued a $320.00 price target (up from $300.00) on shares of Spotify Technology in a report on Wednesday. Loop Capital raised their price target on Spotify Technology from $165.00 to $250.00 and gave the company a “hold” rating in a report on Monday. Finally, Rosenblatt Securities raised their price target on Spotify Technology from $315.00 to $396.00 and gave the company a “buy” rating in a report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $301.81.

Spotify Technology Trading Up 2.8 %

Shares of SPOT stock opened at $289.20 on Wednesday. The business’s 50 day moving average is $270.61 and its two-hundred day moving average is $217.74. Spotify Technology has a twelve month low of $128.67 and a twelve month high of $319.30. The company has a market capitalization of $57.36 billion, a P/E ratio of -431.64 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.42. Spotify Technology had a negative return on equity of 4.91% and a negative net margin of 0.80%. The company had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. During the same period last year, the business posted ($1.24) EPS. As a group, equities analysts predict that Spotify Technology will post 3.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Several hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP grew its position 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 valued at $459,364,000 after acquiring an additional 1,133,305 shares during the period. Schroder Investment Management Group lifted its stake in shares of Spotify Technology by 303.4% during the third 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 lifted its stake in shares of Spotify Technology by 194.7% during the third quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock worth $173,673,000 after purchasing an additional 741,955 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Spotify Technology by 16.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock worth $572,015,000 after purchasing an additional 523,237 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Spotify Technology during the fourth quarter worth about $92,429,000. Hedge funds and other 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.