Benchmark Increases Spotify Technology (NYSE:SPOT) Price Target to $375.00

Spotify Technology (NYSE:SPOT) had its price target upped by investment analysts at Benchmark from $325.00 to $375.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s price objective would suggest a potential upside of 29.67% from the stock’s previous close.

Several other equities analysts have also recently commented on SPOT. Loop Capital boosted their price objective on shares of Spotify Technology from $165.00 to $250.00 and gave the company a “hold” rating in a research note on Monday. UBS Group boosted their price target on shares of Spotify Technology from $274.00 to $375.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. Raymond James boosted their price target on shares of Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a research note on Monday, April 15th. KeyCorp boosted their price target on shares of Spotify Technology from $300.00 to $350.00 and gave the stock an “overweight” rating in a research note on Friday, April 12th. Finally, DZ Bank raised shares of Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 price target for the company in a research note on Wednesday, February 7th. Eight research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $301.81.

Spotify Technology Stock Up 2.8 %

Shares of NYSE:SPOT opened at $289.20 on Wednesday. The company has a 50 day moving average of $270.61 and a 200 day moving average of $217.74. Spotify Technology has a 12 month low of $128.67 and a 12 month high of $319.30.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $0.63 by $0.42. The company had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.87 billion. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. During the same quarter in the previous year, the company earned ($1.24) earnings per share. On average, research analysts expect that Spotify Technology will post 3.97 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Technology Crossover Management XI Ltd. raised its holdings in Spotify Technology by 36.2% during the 3rd quarter. Technology Crossover Management XI Ltd. now owns 1,297,323 shares of the company’s stock valued at $200,618,000 after buying an additional 344,841 shares during the last quarter. Nordea Investment Management AB raised its holdings in Spotify Technology by 7.9% during the 4th quarter. Nordea Investment Management AB now owns 248,659 shares of the company’s stock valued at $46,927,000 after buying an additional 18,105 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Spotify Technology by 410.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 97,771 shares of the company’s stock valued at $18,372,000 after buying an additional 78,609 shares during the last quarter. GSA Capital Partners LLP raised its holdings in Spotify Technology by 452.4% during the 3rd quarter. GSA Capital Partners LLP now owns 14,242 shares of the company’s stock valued at $2,202,000 after buying an additional 11,664 shares during the last quarter. Finally, Rheos Capital Works Inc. raised its holdings in Spotify Technology by 205.7% during the 4th quarter. Rheos Capital Works Inc. now owns 107,000 shares of the company’s stock valued at $20,106,000 after buying an additional 72,000 shares during the last quarter. 84.09% of the stock is currently 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.