Deutsche Bank Aktiengesellschaft Boosts Spotify Technology (NYSE:SPOT) Price Target to $340.00

Spotify Technology (NYSE:SPOT) had its price objective raised by investment analysts at Deutsche Bank Aktiengesellschaft from $260.00 to $340.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Deutsche Bank Aktiengesellschaft’s price objective points to a potential upside of 17.57% from the stock’s current price.

Other analysts have also issued reports about the stock. Rosenblatt Securities upped their price target on shares of Spotify Technology from $300.00 to $315.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. HSBC initiated coverage on shares of Spotify Technology in a research report on Wednesday, March 27th. They set a “buy” rating and a $310.00 price target on the stock. Barclays upped their price target on shares of Spotify Technology from $270.00 to $335.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 10th. DZ Bank raised 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. Finally, Macquarie reaffirmed an “outperform” rating and set a $300.00 price target (up from $232.00) on shares of Spotify Technology in a research report on Wednesday, February 7th. Six equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $265.24.

Spotify Technology Stock Down 1.5 %

Shares of SPOT stock opened at $289.20 on Wednesday. The company’s fifty day simple moving average is $266.24 and its 200-day simple moving average is $213.35. The firm has a market cap of $57.36 billion, a PE ratio of -97.70 and a beta of 1.63. Spotify Technology has a 12 month low of $128.67 and a 12 month high of $313.16.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, February 6th. The company reported ($0.36) EPS for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. The business had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.72 billion. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.43) earnings per share. On average, equities analysts predict that Spotify Technology will post 3.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Institutional investors and hedge funds have recently bought and sold shares of the company. Future Financial Wealth Managment LLC bought a new stake in Spotify Technology during the first quarter worth about $40,000. Pinnacle Bancorp Inc. bought a new stake in Spotify Technology during the fourth quarter worth about $29,000. GAMMA Investing LLC bought a new stake in Spotify Technology during the fourth quarter worth about $32,000. First Horizon Advisors Inc. lifted its position in Spotify Technology by 195.0% during the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after purchasing an additional 117 shares during the period. Finally, LM Advisors LLC bought a new position in shares of Spotify Technology in the fourth quarter worth about $37,000. Institutional investors own 84.09% of the company’s stock.

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.