Spotify Technology (NYSE:SPOT) Price Target Raised to $350.00 at Guggenheim

Spotify Technology (NYSE:SPOT) had its price target raised by Guggenheim from $290.00 to $350.00 in a research note released on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also recently issued reports on SPOT. Loop Capital boosted their price objective on Spotify Technology from $165.00 to $250.00 and gave the company a hold rating in a research note on Monday. Macquarie increased their price target on shares of Spotify Technology from $300.00 to $330.00 and gave the stock an outperform rating in a report on Monday. Pivotal Research increased their price target on shares of Spotify Technology from $390.00 to $400.00 and gave the stock a buy rating in a report on Tuesday. Wells Fargo & Company increased their price target on shares of Spotify Technology from $250.00 to $280.00 and gave the stock an overweight rating in a report on Wednesday, January 31st. Finally, Raymond James increased their price target on shares of Spotify Technology from $260.00 to $320.00 and gave the stock an outperform rating in a report on Monday, April 15th. Eight research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $301.81.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $281.34 on Wednesday. The company’s 50-day moving average is $269.74 and its 200 day moving average is $217.24. The company has a market capitalization of $55.80 billion, a P/E ratio of -419.90 and a beta of 1.63. Spotify Technology has a fifty-two week low of $128.67 and a fifty-two week high of $319.30.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42. Spotify Technology had a negative return on equity of 4.91% and a negative net margin of 0.80%. The business had revenue of $3.95 billion for the quarter, compared to analysts’ expectations of $3.87 billion. During the same period in the previous year, the business posted ($1.24) EPS. As a group, research analysts predict that Spotify Technology will post 3.52 earnings per share for the current year.

Institutional Trading of Spotify Technology

Several large investors have recently added to or reduced their stakes in SPOT. Future Financial Wealth Managment LLC purchased a new position in Spotify Technology during the first quarter valued at $40,000. Pinnacle Bancorp Inc. purchased a new position in shares of Spotify Technology in the 4th quarter worth about $29,000. GAMMA Investing LLC purchased a new position in shares of Spotify Technology in the 4th quarter worth about $32,000. First Horizon Advisors Inc. raised its position in shares of Spotify Technology by 195.0% in the 3rd 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 last quarter. Finally, Spire Wealth Management increased its holdings in Spotify Technology by 93.1% in the 1st quarter. Spire Wealth Management now owns 197 shares of the company’s stock worth $52,000 after buying an additional 95 shares in the last quarter. 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.