Spotify Technology (NYSE:SPOT) Price Target Raised to $350.00 at Morgan Stanley

Spotify Technology (NYSE:SPOT) had its price objective hoisted by Morgan Stanley from $270.00 to $350.00 in a report released on Monday, Benzinga reports. The firm currently has an overweight rating on the stock.

SPOT has been the topic of a number of other reports. Wells Fargo & Company lifted their price target on Spotify Technology from $250.00 to $280.00 and gave the stock an overweight rating in a report on Wednesday, January 31st. JPMorgan Chase & Co. upped their price target on shares of Spotify Technology from $280.00 to $320.00 and gave the company an overweight rating in a research note on Monday, April 8th. DZ Bank upgraded Spotify Technology from a sell rating to a hold rating and set a $240.00 target price for the company in a research note on Wednesday, February 7th. Barclays raised their price target on shares of Spotify Technology from $270.00 to $335.00 and gave the company an overweight rating in a report on Wednesday, April 10th. Finally, Bank of America lifted their price target on Spotify Technology from $265.00 to $315.00 and gave the company a buy rating in a research report on Wednesday, March 20th. Seven equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $276.19.

Spotify Technology Stock Down 1.3 %

SPOT opened at $272.33 on Monday. The company has a fifty day moving average of $267.69 and a 200-day moving average of $215.78. Spotify Technology has a twelve month low of $128.67 and a twelve month high of $313.16. The stock has a market cap of $54.01 billion, a PE ratio of -92.00 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, February 6th. The company reported ($0.36) EPS for the quarter, beating 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 analyst estimates of $3.72 billion. During the same period in the previous year, the company posted ($1.43) EPS. The firm’s revenue was up 16.0% compared to the same quarter last year. Sell-side analysts anticipate that Spotify Technology will post 3.5 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Several large investors have recently made changes to their positions in the business. Future Financial Wealth Managment LLC purchased a new position in shares of Spotify Technology during the 1st quarter valued at about $40,000. Pinnacle Bancorp Inc. purchased a new position in Spotify Technology during the fourth quarter valued at approximately $29,000. GAMMA Investing LLC acquired a new position in Spotify Technology in the fourth quarter valued at approximately $32,000. First Horizon Advisors Inc. boosted its position in Spotify Technology by 195.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after purchasing an additional 117 shares in the last quarter. Finally, Lindbrook Capital LLC boosted its position in 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 in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

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.