Citigroup Boosts Spotify Technology (NYSE:SPOT) Price Target to $310.00

Spotify Technology (NYSE:SPOT) had its target price upped by research analysts at Citigroup from $255.00 to $310.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price objective suggests a potential upside of 3.80% from the stock’s current price.

A number of other research firms have also recently issued reports on SPOT. Macquarie lifted their price target on shares of Spotify Technology from $300.00 to $330.00 and gave the company an “outperform” rating in a research note on Monday, April 22nd. Rosenblatt Securities upped their price target on shares of Spotify Technology from $315.00 to $396.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Piper Sandler reiterated a “neutral” rating and issued a $320.00 price objective (up from $300.00) on shares of Spotify Technology in a report on Wednesday, April 24th. DZ Bank raised Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 target price for the company in a report on Wednesday, February 7th. Finally, Wells Fargo & Company raised their target price on Spotify Technology from $250.00 to $280.00 and gave the company an “overweight” rating in a research report on Wednesday, January 31st. Eight investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $306.42.

Spotify Technology Stock Up 0.2 %

SPOT stock opened at $298.65 on Tuesday. Spotify Technology has a 52-week low of $129.23 and a 52-week high of $319.30. The firm has a market cap of $56.80 billion, a P/E ratio of -445.74 and a beta of 1.61. The company’s 50-day simple moving average is $277.33 and its 200-day simple moving average is $226.31.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. The company had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. During the same quarter in the prior year, the business posted ($1.24) earnings per share. On average, analysts anticipate that Spotify Technology will post 4.78 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its holdings in shares of Spotify Technology by 3.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 342,235 shares of the company’s stock worth $52,923,000 after purchasing an additional 11,876 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in Spotify Technology by 4.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 66,343 shares of the company’s stock valued at $10,259,000 after buying an additional 2,611 shares during the last quarter. SeaBridge Investment Advisors LLC boosted its stake in Spotify Technology by 1.6% during the third quarter. SeaBridge Investment Advisors LLC now owns 24,838 shares of the company’s stock worth $3,841,000 after buying an additional 389 shares during the period. TD Asset Management Inc increased its position in shares of Spotify Technology by 19.3% during the third quarter. TD Asset Management Inc now owns 504,179 shares of the company’s stock valued at $77,966,000 after acquiring an additional 81,429 shares during the last quarter. Finally, First Horizon Advisors Inc. raised its stake 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 valued at $27,000 after acquiring an additional 117 shares during the period. Institutional investors and hedge funds 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.