Spotify Technology (NYSE:SPOT) PT Raised to $380.00

Spotify Technology (NYSE:SPOT) had its target price boosted by Bank of America from $370.00 to $380.00 in a report issued on Tuesday, MarketBeat.com reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price objective points to a potential upside of 20.62% from the stock’s previous close.

Several other research analysts have also weighed in on the company. Rosenblatt Securities reissued a “buy” rating and set a $396.00 price target on shares of Spotify Technology in a research report on Tuesday, June 4th. Piper Sandler reissued a “neutral” rating and set a $320.00 price target (up from $300.00) on shares of Spotify Technology in a research report on Wednesday, April 24th. Loop Capital upped their price target on Spotify Technology from $165.00 to $250.00 and gave the company a “hold” rating in a research report on Monday, April 22nd. Benchmark upped their price target on Spotify Technology from $325.00 to $375.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Finally, Barclays upped their price target on Spotify Technology from $335.00 to $350.00 and gave the company an “overweight” rating in a research report on Wednesday, April 24th. Eight investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $311.88.

Spotify Technology Stock Down 0.2 %

Shares of Spotify Technology stock opened at $315.05 on Tuesday. The firm has a market cap of $59.92 billion, a price-to-earnings ratio of -470.22 and a beta of 1.59. The business has a fifty day simple moving average of $304.91 and a 200-day simple moving average of $263.01. Spotify Technology has a fifty-two week low of $129.23 and a fifty-two week high of $331.08.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $3.87 billion. During the same period in the prior year, the business posted ($1.24) earnings per share. Analysts anticipate that Spotify Technology will post 4.95 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spotify Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of SPOT. Larson Financial Group LLC lifted its holdings in Spotify Technology by 86.0% during the first quarter. Larson Financial Group LLC now owns 93 shares of the company’s stock worth $25,000 after acquiring an additional 43 shares in the last quarter. Pinnacle Bancorp Inc. bought a new position in Spotify Technology during the fourth quarter worth about $29,000. GAMMA Investing LLC bought a new position in Spotify Technology during the fourth quarter worth about $32,000. FinTrust Capital Advisors LLC lifted its holdings in Spotify Technology by 400.0% during the first quarter. FinTrust Capital Advisors LLC now owns 125 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares in the last quarter. Finally, Lindbrook Capital LLC lifted its holdings 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 in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

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.