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

Spotify Technology (NYSE:SPOT) had its price target increased by Macquarie from $300.00 to $330.00 in a research note issued to investors on Monday, Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities analysts also recently commented on the company. Benchmark lifted their price objective on Spotify Technology from $290.00 to $325.00 and gave the stock a buy rating in a research report on Thursday, April 18th. Barclays boosted their price target on shares of Spotify Technology from $270.00 to $335.00 and gave the company an overweight rating in a research report on Wednesday, April 10th. DZ Bank upgraded shares of Spotify Technology from a sell rating to a hold rating and set a $240.00 price objective for the company in a research report on Wednesday, February 7th. TheStreet upgraded shares of Spotify Technology from a d+ rating to a c- rating in a report on Friday, February 9th. Finally, UBS Group raised their price target on shares of Spotify Technology from $274.00 to $375.00 and gave the stock a buy rating in a report on Friday, April 5th. Eight investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $301.81.

Spotify Technology Stock Down 7.2 %

Shares of NYSE SPOT opened at $281.34 on Monday. The firm has a 50-day simple moving average of $269.74 and a 200-day simple moving average of $217.24. The stock has a market capitalization of $55.80 billion, a price-to-earnings ratio of -95.05 and a beta of 1.63. Spotify Technology has a 52 week low of $128.67 and a 52 week high of $319.30.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.42. Spotify Technology had a negative net margin of 4.01% and a negative return on equity of 23.43%. The company had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.87 billion. During the same quarter in the prior year, the firm earned ($1.24) EPS. As a group, equities research analysts expect that Spotify Technology will post 3.5 EPS for the current year.

Institutional Investors Weigh In On Spotify Technology

Institutional investors have recently added to or reduced their stakes in the business. Cambridge Investment Research Advisors Inc. boosted its stake in Spotify Technology by 168.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 9,456 shares of the company’s stock valued at $2,495,000 after acquiring an additional 5,937 shares in the last quarter. Simplicity Wealth LLC acquired a new position in Spotify Technology in the first quarter valued at $456,000. Spire Wealth Management raised its holdings in shares of Spotify Technology by 93.1% in the first quarter. Spire Wealth Management now owns 197 shares of the company’s stock valued at $52,000 after buying an additional 95 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Spotify Technology by 55.2% during the first quarter. Assenagon Asset Management S.A. now owns 151,747 shares of the company’s stock worth $40,046,000 after buying an additional 53,976 shares during the period. Finally, Global Retirement Partners LLC grew its holdings in shares of Spotify Technology by 90.5% during the first quarter. Global Retirement Partners LLC now owns 383 shares of the company’s stock worth $101,000 after buying an additional 182 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

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.