Spotify Technology (NYSE:SPOT) Given New $325.00 Price Target at Benchmark

Spotify Technology (NYSE:SPOT) had its price objective raised by research analysts at Benchmark from $290.00 to $325.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s target price indicates a potential upside of 17.84% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. Rosenblatt Securities boosted their price objective on Spotify Technology from $300.00 to $315.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. Macquarie restated an “outperform” rating and issued a $300.00 price objective (up previously from $232.00) on shares of Spotify Technology in a research note on Wednesday, February 7th. DZ Bank upgraded shares of Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 target price for the company in a research note on Wednesday, February 7th. KeyCorp raised their price target on shares of Spotify Technology from $300.00 to $350.00 and gave the stock an “overweight” rating in a research report on Friday, April 12th. Finally, TheStreet upgraded shares of Spotify Technology from a “d+” rating to a “c-” rating in a research note on Friday, February 9th. Six research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $265.24.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $275.79 on Thursday. The stock has a market capitalization of $54.70 billion, a P/E ratio of -93.17 and a beta of 1.63. The business has a 50-day moving average of $266.94 and a two-hundred day moving average of $214.16. Spotify Technology has a fifty-two week low of $128.67 and a fifty-two week high of $313.16.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, February 6th. The company reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.01. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The company had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the firm posted ($1.43) earnings per share. The company’s quarterly revenue was up 16.0% compared to the same quarter last year. As a group, research analysts expect that Spotify Technology will post 3.51 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. First Horizon Advisors Inc. grew its position in shares of Spotify Technology by 195.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after buying an additional 117 shares during the period. Pinnacle Bancorp Inc. acquired a new position in shares of Spotify Technology in the 4th quarter valued at $29,000. GAMMA Investing LLC bought a new position in shares of Spotify Technology in the 4th quarter worth $32,000. Quarry LP bought a new stake in Spotify Technology in the second quarter valued at about $35,000. Finally, LM Advisors LLC acquired a new position in Spotify Technology in the fourth quarter valued at about $37,000. 84.09% of the stock is 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.