Spotify Technology (NYSE:SPOT) Price Target Raised to $340.00

Spotify Technology (NYSE:SPOT) had its target price boosted by analysts at Deutsche Bank Aktiengesellschaft from $260.00 to $340.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Deutsche Bank Aktiengesellschaft’s price target indicates a potential upside of 15.17% from the stock’s previous close.

SPOT has been the subject of a number of other reports. HSBC began coverage on Spotify Technology in a report on Wednesday, March 27th. They issued a “buy” rating and a $310.00 target price for the company. DZ Bank raised Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 target price for the company in a report on Wednesday, February 7th. Macquarie reissued an “outperform” rating and issued a $300.00 target price (up from $232.00) on shares of Spotify Technology in a report on Wednesday, February 7th. Raymond James increased their target price on Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a report on Monday. Finally, Rosenblatt Securities increased their price target on Spotify Technology from $300.00 to $315.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. Six analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $263.84.

Spotify Technology Stock Down 1.0 %

Spotify Technology stock traded down $2.87 during trading hours on Wednesday, hitting $295.21. The stock had a trading volume of 905,398 shares, compared to its average volume of 1,896,762. The company has a 50-day moving average of $264.19 and a two-hundred day moving average of $212.25. The company has a market cap of $58.55 billion, a PE ratio of -100.00 and a beta of 1.63. Spotify Technology has a fifty-two week low of $128.67 and a fifty-two week high of $313.16.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, February 6th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.01. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The business had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the firm posted ($1.43) EPS. Spotify Technology’s quarterly revenue was up 16.0% compared to the same quarter last year. As a group, analysts forecast that Spotify Technology will post 3.51 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Several hedge funds have recently added to or reduced their stakes in SPOT. Cetera Advisor Networks LLC raised its stake in Spotify Technology by 142.4% during the 1st quarter. Cetera Advisor Networks LLC now owns 3,071 shares of the company’s stock worth $464,000 after buying an additional 1,804 shares during the period. Private Advisor Group LLC raised its stake in Spotify Technology by 19.8% during the 1st quarter. Private Advisor Group LLC now owns 4,909 shares of the company’s stock worth $741,000 after buying an additional 811 shares during the period. BlackRock Inc. raised its stake in Spotify Technology by 6.3% during the 1st quarter. BlackRock Inc. now owns 4,046,153 shares of the company’s stock worth $611,049,000 after buying an additional 241,026 shares during the period. Cibc World Market Inc. raised its stake in Spotify Technology by 22.4% during the 1st quarter. Cibc World Market Inc. now owns 4,823 shares of the company’s stock worth $728,000 after buying an additional 883 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Spotify Technology by 68.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 190,255 shares of the company’s stock worth $28,735,000 after buying an additional 77,379 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.