Barclays Boosts Spotify Technology (NYSE:SPOT) Price Target to $350.00

Spotify Technology (NYSE:SPOT) had its target price lifted by Barclays from $335.00 to $350.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other equities analysts have also commented on SPOT. The Goldman Sachs Group upped their price target on shares of Spotify Technology from $277.00 to $317.00 and gave the stock a neutral rating in a research report on Wednesday. Canaccord Genuity Group boosted their price objective on shares of Spotify Technology from $315.00 to $330.00 and gave the stock a buy rating in a research note on Monday, April 22nd. UBS Group boosted their price objective on shares of Spotify Technology from $274.00 to $375.00 and gave the stock a buy rating in a research note on Friday, April 5th. TheStreet upgraded shares of Spotify Technology from a d+ rating to a c- rating in a research note on Friday, February 9th. Finally, Morgan Stanley boosted their price objective on shares of Spotify Technology from $270.00 to $350.00 and gave the stock an overweight rating in a research note on Monday, April 22nd. Eight analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $301.81.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $289.68 on Wednesday. Spotify Technology has a one year low of $128.67 and a one year high of $319.30. The company has a 50 day moving average price of $271.48 and a 200 day moving average price of $218.66. The firm has a market capitalization of $57.45 billion, a price-to-earnings ratio of -432.35 and a beta of 1.63.

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA boosted its stake in Spotify Technology by 16.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock valued at $572,015,000 after acquiring an additional 523,237 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Spotify Technology by 61.7% during the third quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock worth $459,364,000 after purchasing an additional 1,133,305 shares during the period. AMF Tjanstepension AB lifted its position in shares of Spotify Technology by 1.3% in the 3rd quarter. AMF Tjanstepension AB now owns 2,025,000 shares of the company’s stock worth $313,146,000 after buying an additional 25,000 shares during the last quarter. Acadian Asset Management LLC lifted its position in shares of Spotify Technology by 11.5% in the 3rd quarter. Acadian Asset Management LLC now owns 1,916,821 shares of the company’s stock worth $296,376,000 after buying an additional 197,368 shares during the last quarter. Finally, Artisan Partners Limited Partnership lifted its position in shares of Spotify Technology by 24.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,400,811 shares of the company’s stock worth $263,226,000 after buying an additional 277,733 shares during the last quarter. 84.09% of the stock is currently 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.