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

Spotify Technology (NYSE:SPOT) had its target price lifted by Deutsche Bank Aktiengesellschaft from $260.00 to $340.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Other research analysts have also issued research reports about the company. Raymond James lifted their target price on Spotify Technology from $260.00 to $320.00 and gave the company an outperform rating in a report on Monday, April 15th. KeyCorp upped their price target on shares of Spotify Technology from $300.00 to $350.00 and gave the stock an overweight rating in a report on Friday, April 12th. Wells Fargo & Company lifted their price objective on Spotify Technology from $250.00 to $280.00 and gave the company an overweight rating in a research note on Wednesday, January 31st. JPMorgan Chase & Co. upped their price objective on shares of Spotify Technology from $280.00 to $320.00 and gave the stock an overweight rating in a research report on Monday, April 8th. Finally, DZ Bank raised shares of Spotify Technology from a sell rating to a hold rating and set a $240.00 price target on the stock in a report on Wednesday, February 7th. Six equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $265.24.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $275.79 on Wednesday. The stock’s 50-day simple moving average is $266.94 and its 200 day simple moving average is $214.16. Spotify Technology has a 52-week low of $128.67 and a 52-week high of $313.16. The stock has a market capitalization of $54.70 billion, a P/E ratio of -93.17 and a beta of 1.63.

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

Hedge Funds Weigh In On Spotify Technology

Hedge funds have recently made changes to their positions in the business. Pitcairn Co. boosted its holdings in Spotify Technology by 2.1% in the fourth quarter. Pitcairn Co. now owns 2,070 shares of the company’s stock valued at $389,000 after acquiring an additional 43 shares in the last quarter. Lindbrook Capital LLC lifted its position in shares of Spotify Technology by 32.3% in the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after purchasing an additional 50 shares during the period. Signaturefd LLC boosted its stake in shares of Spotify Technology by 4.4% during the 4th quarter. Signaturefd LLC now owns 1,222 shares of the company’s stock valued at $230,000 after purchasing an additional 51 shares in the last quarter. Summit Trail Advisors LLC raised its stake in Spotify Technology by 3.5% in the fourth quarter. Summit Trail Advisors LLC now owns 1,664 shares of the company’s stock worth $313,000 after buying an additional 56 shares in the last quarter. Finally, Private Trust Co. NA lifted its holdings in Spotify Technology by 18.4% in the fourth quarter. Private Trust Co. NA now owns 367 shares of the company’s stock worth $69,000 after buying an additional 57 shares during the period. 84.09% of the stock is owned by hedge funds and other 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.