Spotify Technology (NYSE:SPOT) Price Target Increased to $360.00 by Analysts at Barclays

Spotify Technology (NYSE:SPOT) had its price target hoisted by Barclays from $350.00 to $360.00 in a report released on Wednesday morning, Benzinga reports. Barclays currently has an overweight rating on the stock.

Other analysts have also issued research reports about the stock. Rosenblatt Securities raised their price objective on shares of Spotify Technology from $396.00 to $399.00 and gave the stock a buy rating in a report on Wednesday. The Goldman Sachs Group raised shares of Spotify Technology from a neutral rating to a buy rating and raised their price target for the company from $320.00 to $425.00 in a report on Wednesday. Morgan Stanley raised their price target on shares of Spotify Technology from $270.00 to $350.00 and gave the company an overweight rating in a report on Monday, April 22nd. Macquarie raised their price target on shares of Spotify Technology from $345.00 to $395.00 and gave the company an outperform rating in a report on Tuesday. Finally, KeyCorp raised their price target on shares of Spotify Technology from $400.00 to $410.00 and gave the company an overweight rating in a report on Wednesday, July 10th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $353.15.

Spotify Technology Stock Performance

NYSE SPOT opened at $321.87 on Wednesday. The company has a 50 day moving average of $310.88 and a 200-day moving average of $276.89. The company has a quick ratio of 1.42, a current ratio of 1.56 and a debt-to-equity ratio of 0.31. Spotify Technology has a 1-year low of $129.23 and a 1-year high of $346.23.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.25. The company had revenue of $3.81 billion during the quarter, compared to analyst estimates of $3.82 billion. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The company’s revenue was up 19.8% on a year-over-year basis. During the same quarter last year, the business posted ($1.69) earnings per share. As a group, analysts expect that Spotify Technology will post 5.71 earnings per share for the current year.

Hedge Funds Weigh In On Spotify Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Clearbridge Investments LLC boosted its position in shares of Spotify Technology by 0.6% during the first quarter. Clearbridge Investments LLC now owns 6,892 shares of the company’s stock worth $1,819,000 after purchasing an additional 38 shares in the last quarter. Cigna Investments Inc. New boosted its position in shares of Spotify Technology by 3.3% during the second quarter. Cigna Investments Inc. New now owns 1,260 shares of the company’s stock worth $395,000 after purchasing an additional 40 shares in the last quarter. Moody Lynn & Lieberson LLC boosted its position in shares of Spotify Technology by 0.6% during the second quarter. Moody Lynn & Lieberson LLC now owns 6,843 shares of the company’s stock worth $2,147,000 after purchasing an additional 40 shares in the last quarter. Larson Financial Group LLC boosted its position in shares of Spotify Technology by 86.0% during the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after purchasing an additional 43 shares in the last quarter. Finally, Lindbrook Capital LLC boosted its position in shares of Spotify Technology by 32.3% during the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after purchasing an additional 50 shares in the last quarter. 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.