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

Spotify Technology (NYSE:SPOT) had its price target increased by Guggenheim from $290.00 to $350.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts have also recently issued reports on the company. Piper Sandler reaffirmed a neutral rating and issued a $320.00 price target (up from $300.00) on shares of Spotify Technology in a report on Wednesday. Pivotal Research boosted their price objective on Spotify Technology from $390.00 to $400.00 and gave the stock a buy rating in a report on Tuesday. Loop Capital boosted their price objective on Spotify Technology from $165.00 to $250.00 and gave the stock a hold rating in a report on Monday, April 22nd. Rosenblatt Securities boosted their price objective on Spotify Technology from $315.00 to $396.00 and gave the stock a buy rating in a report on Wednesday. Finally, TheStreet raised Spotify Technology from a d+ rating to a c- rating in a report on Friday, February 9th. Eight analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $301.81.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $289.68 on Wednesday. Spotify Technology has a 52 week low of $128.67 and a 52 week high of $319.30. The company’s fifty day moving average is $271.48 and its 200-day moving average is $218.66. The company has a market capitalization of $57.45 billion, a PE ratio of -432.35 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating 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 business had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.87 billion. During the same period in the previous year, the business posted ($1.24) earnings per share. On average, analysts forecast that Spotify Technology will post 3.97 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

Large investors have recently bought and sold shares of the company. Impact Partnership Wealth LLC bought a new stake in shares of Spotify Technology during the 3rd quarter worth approximately $43,000. Exchange Traded Concepts LLC raised its stake in Spotify Technology by 122.0% in the 3rd quarter. Exchange Traded Concepts LLC now owns 7,795 shares of the company’s stock valued at $1,205,000 after acquiring an additional 4,283 shares during the period. ARK Investment Management LLC raised its stake in Spotify Technology by 774.6% in the 3rd quarter. ARK Investment Management LLC now owns 112,940 shares of the company’s stock valued at $17,465,000 after acquiring an additional 100,026 shares during the period. Asset Management One Co. Ltd. raised its stake in Spotify Technology by 87.7% in the 3rd quarter. Asset Management One Co. Ltd. now owns 49,807 shares of the company’s stock valued at $7,702,000 after acquiring an additional 23,272 shares during the period. Finally, Handelsbanken Fonder AB raised its stake in Spotify Technology by 0.9% in the 3rd quarter. Handelsbanken Fonder AB now owns 25,475 shares of the company’s stock valued at $3,939,000 after acquiring an additional 236 shares during the period. Institutional investors and hedge funds 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.