Spotify Technology (NYSE:SPOT) Price Target Raised to $250.00

Spotify Technology (NYSE:SPOT) had its target price upped by Loop Capital from $165.00 to $250.00 in a research note released on Monday, Benzinga reports. Loop Capital currently has a hold rating on the stock.

A number of other research firms have also recently weighed in on SPOT. Deutsche Bank Aktiengesellschaft increased their price objective on Spotify Technology from $260.00 to $340.00 and gave the stock a buy rating in a research report on Wednesday, April 17th. DZ Bank raised 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. KeyCorp raised their price target on Spotify Technology from $300.00 to $350.00 and gave the company an overweight rating in a report on Friday, April 12th. Morgan Stanley raised their price target on Spotify Technology from $270.00 to $350.00 and gave the company an overweight rating in a report on Monday. Finally, Rosenblatt Securities raised their price target on Spotify Technology from $300.00 to $315.00 and gave the company a buy rating in a report on Wednesday, February 7th. Eight analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to MarketBeat.com, Spotify Technology has an average rating of Moderate Buy and a consensus target price of $301.81.

Spotify Technology Stock Performance

NYSE:SPOT opened at $289.20 on Monday. The stock’s 50 day moving average price is $270.61 and its 200 day moving average price is $217.74. Spotify Technology has a 52-week low of $128.67 and a 52-week high of $319.30.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. The company had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.87 billion. During the same period last year, the firm earned ($1.24) EPS. As a group, equities research analysts predict that Spotify Technology will post 3.97 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

Hedge funds have recently bought and sold shares of the stock. Technology Crossover Management XI Ltd. increased its position in Spotify Technology by 36.2% during the third quarter. Technology Crossover Management XI Ltd. now owns 1,297,323 shares of the company’s stock worth $200,618,000 after buying an additional 344,841 shares in the last quarter. Nordea Investment Management AB increased its position in Spotify Technology by 7.9% during 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. grew its position in shares of Spotify Technology by 410.2% in the fourth quarter. Assenagon Asset Management S.A. now owns 97,771 shares of the company’s stock valued at $18,372,000 after purchasing an additional 78,609 shares during the period. GSA Capital Partners LLP grew its position in shares of Spotify Technology by 452.4% in the third quarter. GSA Capital Partners LLP now owns 14,242 shares of the company’s stock valued at $2,202,000 after purchasing an additional 11,664 shares during the period. Finally, Rheos Capital Works Inc. grew its position in shares of Spotify Technology by 205.7% in the fourth quarter. Rheos Capital Works Inc. now owns 107,000 shares of the company’s stock valued at $20,106,000 after purchasing an additional 72,000 shares during the period. Hedge funds and other 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.