Spotify Technology (NYSE:SPOT) Price Target Raised to $355.00

Spotify Technology (NYSE:SPOT) had its target price upped by HSBC from $310.00 to $355.00 in a research note issued to investors on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

SPOT has been the subject of a number of other reports. 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 research note on Wednesday, April 17th. Macquarie raised 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. Morgan Stanley raised their price target on Spotify Technology from $270.00 to $350.00 and gave the company an overweight rating in a research note on Monday, April 22nd. Bank of America lifted their target price on Spotify Technology from $315.00 to $370.00 and gave the stock a buy rating in a research note on Wednesday. Finally, Rosenblatt Securities lifted their target price on Spotify Technology from $315.00 to $396.00 and gave the stock a buy rating in a research note on Wednesday. Eight analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to MarketBeat.com, Spotify Technology has an average rating of Moderate Buy and a consensus price target of $301.81.

Spotify Technology Trading Up 0.2 %

NYSE:SPOT 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 business’s 50-day moving average price is $271.48 and its two-hundred day moving average price is $218.66. The firm has a market capitalization of $57.45 billion, a price-to-earnings ratio of -432.35 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last released its quarterly 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. The company had revenue of $3.95 billion for the quarter, compared to analyst estimates 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 quarter last year, the firm posted ($1.24) earnings per share. Sell-side analysts predict that Spotify Technology will post 3.97 earnings per share for the current year.

Hedge Funds Weigh In On Spotify Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Technology Crossover Management XI Ltd. raised its holdings in Spotify Technology by 36.2% in the 3rd quarter. Technology Crossover Management XI Ltd. now owns 1,297,323 shares of the company’s stock valued at $200,618,000 after acquiring an additional 344,841 shares in the last quarter. Nordea Investment Management AB grew its position in shares of Spotify Technology by 7.9% in the 4th quarter. Nordea Investment Management AB now owns 248,659 shares of the company’s stock valued at $46,927,000 after buying an additional 18,105 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Spotify Technology by 410.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 97,771 shares of the company’s stock valued at $18,372,000 after purchasing an additional 78,609 shares during the period. GSA Capital Partners LLP lifted its stake in shares of Spotify Technology by 452.4% in the 3rd quarter. GSA Capital Partners LLP now owns 14,242 shares of the company’s stock valued at $2,202,000 after purchasing an additional 11,664 shares during the period. Finally, Rheos Capital Works Inc. raised its stake in Spotify Technology by 205.7% during the 4th 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 owned by institutional investors and hedge funds.

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.