Spotify Technology (NYSE:SPOT) Price Target Raised to $355.00

Spotify Technology (NYSE:SPOT) had its target price hoisted by HSBC from $310.00 to $355.00 in a research note released on Wednesday, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other brokerages have also issued reports on SPOT. Morgan Stanley upped their target price on Spotify Technology from $270.00 to $350.00 and gave the company an overweight rating in a research report on Monday. Pivotal Research upped their target price on Spotify Technology from $390.00 to $400.00 and gave the company a buy rating in a research report on Tuesday. Wells Fargo & Company upped their price target on Spotify Technology from $250.00 to $280.00 and gave the company an overweight rating in a research report on Wednesday, January 31st. Canaccord Genuity Group upped their price target on Spotify Technology from $315.00 to $330.00 and gave the company a buy rating in a research report on Monday. Finally, JPMorgan Chase & Co. upped their price target on Spotify Technology from $320.00 to $365.00 and gave the company an overweight rating in a research report on Wednesday. Eight research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $301.81.

Spotify Technology Stock Down 7.2 %

Shares of SPOT opened at $281.34 on Wednesday. The business’s 50 day moving average is $269.74 and its two-hundred day moving average is $217.24. Spotify Technology has a 52-week low of $128.67 and a 52-week high of $319.30. The firm has a market cap of $55.80 billion, a price-to-earnings ratio of -419.90 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last announced its earnings results 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 company had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.87 billion. During the same period in the prior year, the company posted ($1.24) EPS. On average, equities analysts expect that Spotify Technology will post 3.52 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Massachusetts Financial Services Co. MA boosted its stake in Spotify Technology by 16.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock valued at $572,015,000 after buying an additional 523,237 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Spotify Technology by 61.7% during the third quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock valued at $459,364,000 after purchasing an additional 1,133,305 shares during the last quarter. AMF Tjanstepension AB lifted its holdings in shares of Spotify Technology by 1.3% during the third quarter. AMF Tjanstepension AB now owns 2,025,000 shares of the company’s stock valued at $313,146,000 after purchasing an additional 25,000 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Spotify Technology by 11.5% during the third quarter. Acadian Asset Management LLC now owns 1,916,821 shares of the company’s stock valued at $296,376,000 after purchasing an additional 197,368 shares during the last quarter. Finally, Artisan Partners Limited Partnership lifted its holdings in shares of Spotify Technology by 24.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,400,811 shares of the company’s stock valued at $263,226,000 after purchasing an additional 277,733 shares during the last quarter. 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.