Spotify Technology (NYSE:SPOT) Price Target Increased to $250.00 by Analysts at Loop Capital

Spotify Technology (NYSE:SPOT) had its price target raised by Loop Capital from $165.00 to $250.00 in a research report report published on Monday, Benzinga reports. The firm currently has a hold rating on the stock.

SPOT has been the subject of a number of other research reports. UBS Group upped their price objective on shares of Spotify Technology from $274.00 to $375.00 and gave the stock a buy rating in a research report on Friday, April 5th. Pivotal Research lifted their price target on Spotify Technology from $330.00 to $390.00 and gave the stock a buy rating in a report on Friday, April 5th. JPMorgan Chase & Co. increased their price objective on Spotify Technology from $280.00 to $320.00 and gave the stock an overweight rating in a research report on Monday, April 8th. Morgan Stanley increased their target price on shares of Spotify Technology from $270.00 to $350.00 and gave the stock an overweight rating in a research note on Monday. Finally, Raymond James raised their price target on Spotify Technology from $260.00 to $320.00 and gave the stock an outperform rating in a research report on Monday, April 15th. Seven research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Spotify Technology has a consensus rating of Moderate Buy and a consensus target price of $276.19.

Spotify Technology Price Performance

Shares of SPOT stock opened at $272.33 on Monday. The stock’s 50-day moving average is $267.69 and its 200 day moving average is $215.78. Spotify Technology has a 1-year low of $128.67 and a 1-year high of $313.16. The company has a market cap of $54.01 billion, a P/E ratio of -92.00 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating 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%. Spotify Technology’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($1.43) EPS. On average, analysts anticipate that Spotify Technology will post 3.5 EPS for the current year.

Institutional Investors Weigh In On Spotify Technology

Large investors have recently modified their holdings of the stock. State of Alaska Department of Revenue increased its stake in Spotify Technology by 1.5% in the 3rd quarter. State of Alaska Department of Revenue now owns 39,114 shares of the company’s stock valued at $6,048,000 after buying an additional 570 shares during the period. Impact Partnership Wealth LLC bought a new stake in shares of Spotify Technology during the third quarter valued at approximately $43,000. Rheos Capital Works Inc. acquired a new position in shares of Spotify Technology in the 3rd quarter valued at $5,412,000. Exchange Traded Concepts LLC raised its position in Spotify Technology by 122.0% in the third quarter. Exchange Traded Concepts LLC now owns 7,795 shares of the company’s stock worth $1,205,000 after purchasing an additional 4,283 shares in the last quarter. Finally, ARK Investment Management LLC raised its holdings in shares of Spotify Technology by 774.6% in the 3rd quarter. ARK Investment Management LLC now owns 112,940 shares of the company’s stock worth $17,465,000 after buying an additional 100,026 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

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.