JPMorgan Chase & Co. Raises Spotify Technology (NYSE:SPOT) Price Target to $365.00

Spotify Technology (NYSE:SPOT) had its target price increased by JPMorgan Chase & Co. from $320.00 to $365.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts also recently weighed in on SPOT. UBS Group boosted their price target on Spotify Technology from $274.00 to $375.00 and gave the company a buy rating in a research note on Friday, April 5th. Macquarie boosted their price target on Spotify Technology from $300.00 to $330.00 and gave the company an outperform rating in a research note on Monday, April 22nd. Loop Capital boosted their price target on Spotify Technology from $165.00 to $250.00 and gave the company a hold rating in a research note on Monday, April 22nd. DZ Bank raised Spotify Technology from a sell rating to a hold rating and set a $240.00 price objective for the company in a report on Wednesday, February 7th. Finally, Wells Fargo & Company boosted their price objective on Spotify Technology from $250.00 to $280.00 and gave the company an overweight rating in a report on Wednesday, January 31st. Eight investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $301.81.

Spotify Technology Price Performance

Shares of SPOT stock opened at $289.68 on Wednesday. Spotify Technology has a 1-year low of $128.67 and a 1-year high of $319.30. The stock’s fifty day moving average price is $271.48 and its 200 day moving average price is $218.66. The company has a market cap of $57.45 billion, a price-to-earnings ratio of -432.35 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, topping the consensus estimate of $0.63 by $0.42. The firm had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. During the same period in the previous year, the business earned ($1.24) EPS. As a group, equities research analysts anticipate that Spotify Technology will post 3.97 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. First Horizon Advisors Inc. grew 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 acquiring an additional 117 shares during the period. Pinnacle Bancorp Inc. purchased a new position in Spotify Technology in the fourth quarter worth approximately $29,000. GAMMA Investing LLC purchased a new position in Spotify Technology in the fourth quarter worth approximately $32,000. Lindbrook Capital LLC grew its position in 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 period. Finally, Future Financial Wealth Managment LLC purchased a new position in Spotify Technology in the first quarter worth approximately $40,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

About Spotify Technology

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.