Spotify Technology (NYSE:SPOT) Price Target Raised to $330.00

Spotify Technology (NYSE:SPOT) had its target price raised by investment analysts at Canaccord Genuity Group from $315.00 to $330.00 in a research note issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 8.74% from the stock’s current price.

A number of other research analysts have also weighed in on SPOT. Deutsche Bank Aktiengesellschaft increased their price objective on Spotify Technology from $260.00 to $340.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. HSBC began coverage on shares of Spotify Technology in a report on Wednesday, March 27th. They issued a “buy” rating and a $310.00 price target on the stock. Wells Fargo & Company lifted their price objective on shares of Spotify Technology from $250.00 to $280.00 and gave the company an “overweight” rating in a research note on Wednesday, January 31st. Pivotal Research upped their price objective on shares of Spotify Technology from $330.00 to $390.00 and gave the company a “buy” rating in a report on Friday, April 5th. Finally, KeyCorp raised their target price on shares of Spotify Technology from $300.00 to $350.00 and gave the stock an “overweight” rating in a report on Friday, April 12th. Seven investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $276.58.

Spotify Technology Price Performance

Shares of SPOT stock opened at $303.48 on Monday. The stock’s fifty day moving average price is $269.00 and its 200 day moving average price is $216.78. Spotify Technology has a 1-year low of $128.67 and a 1-year high of $319.30. The company has a market cap of $60.19 billion, a price-to-earnings ratio of -102.53 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. The business had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.72 billion. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The company’s revenue was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($1.43) earnings per share. As a group, equities research analysts anticipate that Spotify Technology will post 3.5 earnings per share for the current year.

Hedge Funds Weigh In On Spotify Technology

A number of large investors have recently added to or reduced their stakes in the stock. Future Financial Wealth Managment LLC purchased a new stake in Spotify Technology during the 1st quarter worth approximately $40,000. Pinnacle Bancorp Inc. acquired a new position in Spotify Technology in the 4th quarter valued at $29,000. GAMMA Investing LLC purchased a new position in Spotify Technology in the 4th quarter valued at $32,000. First Horizon Advisors Inc. lifted its stake in shares of Spotify Technology by 195.0% in the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after buying an additional 117 shares in the last quarter. Finally, Lindbrook Capital LLC boosted its position in 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 acquiring an additional 50 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

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.