Spotify Technology (NYSE:SPOT) Price Target Raised to $370.00 at Bank of America

Spotify Technology (NYSE:SPOT) had its price target lifted by research analysts at Bank of America from $315.00 to $370.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s target price would suggest a potential upside of 27.94% from the stock’s previous close.

Several other research firms have also weighed in on SPOT. UBS Group raised their price objective on shares of Spotify Technology from $274.00 to $375.00 and gave the stock a “buy” rating in a report on Friday, April 5th. Morgan Stanley raised their price objective on shares of Spotify Technology from $270.00 to $350.00 and gave the stock an “overweight” rating in a report on Monday. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Spotify Technology from $260.00 to $340.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. KeyCorp raised their price objective on shares of Spotify Technology from $300.00 to $350.00 and gave the stock an “overweight” rating in a report on Friday, April 12th. Finally, Raymond James raised their price target on shares of Spotify Technology from $260.00 to $320.00 and gave the company an “outperform” rating in a report on Monday, April 15th. Eight investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $301.81.

Spotify Technology Stock Up 2.8 %

Shares of SPOT opened at $289.20 on Wednesday. The stock has a market cap of $57.36 billion, a price-to-earnings ratio of -431.64 and a beta of 1.63. Spotify Technology has a 12 month low of $128.67 and a 12 month high of $319.30. The company has a 50-day moving average price of $270.61 and a two-hundred day moving average price of $217.74.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42. The firm 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 4.91%. During the same quarter last year, the company earned ($1.24) earnings per share. Equities research analysts expect that Spotify Technology will post 3.52 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Institutional investors and hedge funds have recently made changes to their positions in the company. Future Financial Wealth Managment LLC acquired a new position in Spotify Technology in the 1st quarter worth $40,000. Pinnacle Bancorp Inc. acquired a new position in Spotify Technology in the 4th quarter worth $29,000. GAMMA Investing LLC acquired a new position in Spotify Technology in the 4th quarter worth $32,000. First Horizon Advisors Inc. boosted its stake in 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 period. Finally, Spire Wealth Management boosted its stake 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 purchasing an additional 95 shares during the period. Institutional investors and hedge funds 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.