Spotify Technology (NYSE:SPOT) PT Raised to $380.00

Spotify Technology (NYSE:SPOT) had its target price hoisted by investment analysts at Bank of America from $370.00 to $380.00 in a research report issued on Tuesday, Marketbeat reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s target price suggests a potential upside of 20.62% from the stock’s previous close.

A number of other research analysts have also weighed in on SPOT. Canaccord Genuity Group raised their price objective on Spotify Technology from $315.00 to $330.00 and gave the company a “buy” rating in a research report on Monday, April 22nd. UBS Group raised their price objective on Spotify Technology from $274.00 to $375.00 and gave the company a “buy” rating in a research report on Friday, April 5th. Benchmark raised their price objective on Spotify Technology from $325.00 to $375.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Raymond James lifted their price target on Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a research report on Monday, April 15th. Finally, JPMorgan Chase & Co. lifted their price target on Spotify Technology from $365.00 to $375.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 4th. Eight analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and an average price target of $311.88.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $315.05 on Tuesday. Spotify Technology has a 52-week low of $129.23 and a 52-week high of $331.08. The firm has a market capitalization of $59.92 billion, a PE ratio of -470.22 and a beta of 1.59. The stock has a fifty day simple moving average of $304.91 and a two-hundred day simple moving average of $263.01.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42. The firm had revenue of $3.95 billion during the quarter, compared to analyst estimates 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, sell-side analysts forecast that Spotify Technology will post 4.95 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Several institutional investors and hedge funds have recently modified their holdings of the stock. Nordea Investment Management AB raised its stake in Spotify Technology by 7.9% in the fourth quarter. Nordea Investment Management AB now owns 248,659 shares of the company’s stock worth $46,927,000 after buying an additional 18,105 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in Spotify Technology by 410.2% in the fourth quarter. Assenagon Asset Management S.A. now owns 97,771 shares of the company’s stock worth $18,372,000 after buying an additional 78,609 shares in the last quarter. Evoke Wealth LLC purchased a new position in Spotify Technology in the fourth quarter worth $2,271,000. GSA Capital Partners LLP grew its holdings in Spotify Technology by 452.4% in the third quarter. GSA Capital Partners LLP now owns 14,242 shares of the company’s stock worth $2,202,000 after purchasing an additional 11,664 shares during the last quarter. Finally, Rheos Capital Works Inc. grew its holdings in Spotify Technology by 205.7% in the fourth quarter. Rheos Capital Works Inc. now owns 107,000 shares of the company’s stock worth $20,106,000 after purchasing an additional 72,000 shares during the last quarter. Institutional investors 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.