Spotify Technology (NYSE:SPOT) Price Target Raised to $400.00 at Pivotal Research

Spotify Technology (NYSE:SPOT) had its price objective raised by Pivotal Research from $390.00 to $400.00 in a report published on Tuesday, MarketBeat reports. They currently have a buy rating on the stock.

Several other research firms have also weighed in on SPOT. Wells Fargo & Company boosted their target price on Spotify Technology from $250.00 to $280.00 and gave the stock an overweight rating in a report on Wednesday, January 31st. JPMorgan Chase & Co. boosted their target price on Spotify Technology from $280.00 to $320.00 and gave the stock an overweight rating in a report on Monday, April 8th. KeyCorp boosted their target price on Spotify Technology from $300.00 to $350.00 and gave the stock an overweight rating in a report on Friday, April 12th. TheStreet upgraded Spotify Technology from a d+ rating to a c- rating in a report on Friday, February 9th. Finally, Morgan Stanley upped their price target on Spotify Technology from $270.00 to $350.00 and gave the stock an overweight rating in a report on Monday. Seven investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat.com, Spotify Technology has a consensus rating of Moderate Buy and a consensus target price of $276.58.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $303.48 on Tuesday. The firm has a market cap of $60.19 billion, a price-to-earnings ratio of -102.53 and a beta of 1.63. Spotify Technology has a 52-week low of $128.67 and a 52-week high of $319.30. The stock has a 50-day simple moving average of $269.00 and a 200-day simple moving average of $216.78.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share for the quarter, topping the consensus estimate of ($0.37) by $0.01. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The firm had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period in the previous year, the company earned ($1.43) EPS. The company’s revenue for the quarter was up 16.0% on a year-over-year basis. As a group, equities research analysts predict that Spotify Technology will post 3.5 earnings per share for the current year.

Institutional Trading of Spotify Technology

Large investors have recently bought and sold shares of the stock. 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 valued at $27,000 after acquiring an additional 117 shares during the period. Pinnacle Bancorp Inc. bought a new stake in Spotify Technology in the fourth quarter valued at $29,000. GAMMA Investing LLC bought a new stake in Spotify Technology in the fourth quarter valued at $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 valued at $39,000 after acquiring an additional 50 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new stake in Spotify Technology in the first quarter valued at $40,000. 84.09% of the stock is currently owned by 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.