Spotify Technology (NYSE:SPOT) PT Raised to $410.00

Spotify Technology (NYSE:SPOTGet Free Report) had its price objective boosted by investment analysts at KeyCorp from $400.00 to $410.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. KeyCorp’s price target points to a potential upside of 31.60% from the company’s previous close.

A number of other research firms have also weighed in on SPOT. The Goldman Sachs Group boosted their price objective on Spotify Technology from $277.00 to $317.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 24th. UBS Group lifted their target price on Spotify Technology from $274.00 to $375.00 and gave the company a “buy” rating in a research report on Friday, April 5th. Rosenblatt Securities restated a “buy” rating and issued a $396.00 target price on shares of Spotify Technology in a research report on Tuesday, June 4th. Raymond James upped their price target on Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a report on Monday, April 15th. Finally, Benchmark upped their price target on Spotify Technology from $325.00 to $375.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. One analyst has rated the stock with a sell rating, seven have given a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $317.08.

Check Out Our Latest Stock Analysis on Spotify Technology

Spotify Technology Trading Down 0.7 %

Shares of SPOT stock opened at $311.55 on Wednesday. The company has a market capitalization of $59.26 billion, a P/E ratio of -464.99, a P/E/G ratio of 0.83 and a beta of 1.59. The business’s 50 day moving average is $307.81 and its two-hundred day moving average is $267.36. Spotify Technology has a 12-month low of $129.23 and a 12-month high of $331.08.

Spotify Technology (NYSE:SPOTGet Free Report) last released its earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.42. The business had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. During the same quarter last year, the business posted ($1.24) earnings per share. On average, research analysts predict that Spotify Technology will post 4.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Hedge funds have recently bought and sold shares of the company. Park Avenue Securities LLC grew its holdings in Spotify Technology by 104.3% during the 2nd quarter. Park Avenue Securities LLC now owns 3,970 shares of the company’s stock valued at $1,246,000 after buying an additional 2,027 shares during the last quarter. Kingswood Wealth Advisors LLC acquired a new stake in shares of Spotify Technology during the second quarter worth $679,000. Mather Group LLC. boosted its holdings in shares of Spotify Technology by 9,900.0% during the second quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after purchasing an additional 99 shares during the last quarter. Beach Investment Counsel Inc. PA acquired a new position in Spotify Technology in the second quarter valued at $211,000. Finally, Moody National Bank Trust Division acquired a new position in Spotify Technology in the second quarter valued at $396,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Spotify Technology (NYSE:SPOT)

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