Spotify Technology (NYSE:SPOT) PT Raised to $320.00

Spotify Technology (NYSE:SPOT) had its price target raised by Raymond James from $260.00 to $320.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

SPOT has been the topic of several other reports. UBS Group raised their target price on shares of Spotify Technology from $274.00 to $375.00 and gave the company a buy rating in a report on Friday, April 5th. HSBC assumed coverage on shares of Spotify Technology in a report on Wednesday, March 27th. They set a buy rating and a $310.00 price target on the stock. The Goldman Sachs Group boosted their target price on shares of Spotify Technology from $171.00 to $195.00 and gave the stock a neutral rating in a report on Tuesday, January 9th. KeyCorp boosted their target price on shares of Spotify Technology from $300.00 to $350.00 and gave the stock an overweight rating in a report on Friday. Finally, Bank of America boosted their price target on shares of Spotify Technology from $265.00 to $315.00 and gave the stock a buy rating in a research report on Wednesday, March 20th. Six equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $254.16.

Spotify Technology Stock Down 3.3 %

Spotify Technology stock opened at $290.52 on Monday. The stock has a market cap of $57.62 billion, a P/E ratio of -98.15 and a beta of 1.63. Spotify Technology has a twelve month low of $128.67 and a twelve month high of $313.16. The company’s 50-day moving average price is $262.87 and its two-hundred day moving average price is $211.24.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.01. The firm had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The business’s revenue was up 16.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.43) EPS. Equities analysts anticipate that Spotify Technology will post 3.55 earnings per share for the current fiscal year.

Institutional Trading of Spotify Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Technology Crossover Management XI Ltd. grew its position in 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 valued at $200,618,000 after buying an additional 344,841 shares during the period. Nordea Investment Management AB grew its position in Spotify Technology by 7.9% during the fourth 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 period. Assenagon Asset Management S.A. grew its position in Spotify Technology by 410.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 97,771 shares of the company’s stock valued at $18,372,000 after buying an additional 78,609 shares during the period. GSA Capital Partners LLP grew its position in Spotify Technology by 452.4% during the third quarter. GSA Capital Partners LLP now owns 14,242 shares of the company’s stock valued at $2,202,000 after buying an additional 11,664 shares during the period. Finally, Rheos Capital Works Inc. grew its position in Spotify Technology by 205.7% during the fourth quarter. Rheos Capital Works Inc. now owns 107,000 shares of the company’s stock valued at $20,106,000 after buying an additional 72,000 shares during the period. 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.