Benchmark Boosts Spotify Technology (NYSE:SPOT) Price Target to $375.00

Spotify Technology (NYSE:SPOT) had its price objective raised by Benchmark from $325.00 to $375.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also recently weighed in on the stock. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Spotify Technology from $260.00 to $340.00 and gave the company a buy rating in a report on Wednesday, April 17th. DZ Bank raised shares of Spotify Technology from a sell rating to a hold rating and set a $240.00 price objective for the company in a report on Wednesday, February 7th. JPMorgan Chase & Co. boosted their price objective on shares of Spotify Technology from $280.00 to $320.00 and gave the company an overweight rating in a report on Monday, April 8th. Raymond James boosted their price objective on shares of Spotify Technology from $260.00 to $320.00 and gave the company an outperform rating in a report on Monday, April 15th. Finally, KeyCorp boosted their price objective on shares of Spotify Technology from $300.00 to $350.00 and gave the company an overweight rating in a report on Friday, April 12th. Eight analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology presently has a consensus rating of Moderate Buy and a consensus price target of $301.81.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $281.34 on Wednesday. The stock has a market capitalization of $55.80 billion, a PE ratio of -419.90 and a beta of 1.63. Spotify Technology has a 52-week low of $128.67 and a 52-week high of $319.30. The company has a 50-day simple moving average of $269.74 and a two-hundred day simple moving average of $217.24.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.42. The business had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.87 billion. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.91%. During the same period in the previous year, the company earned ($1.24) earnings per share. As a group, equities research analysts forecast that Spotify Technology will post 3.52 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. First Horizon Advisors Inc. boosted its position in shares of Spotify Technology by 195.0% during the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after acquiring an additional 117 shares during the last quarter. Pinnacle Bancorp Inc. purchased a new stake in Spotify Technology during the fourth quarter valued at $29,000. GAMMA Investing LLC purchased a new stake in Spotify Technology during the fourth quarter valued at $32,000. Lindbrook Capital LLC raised its stake in Spotify Technology by 32.3% during the fourth quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after purchasing an additional 50 shares in the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new stake in Spotify Technology during the first quarter valued at $40,000. Institutional investors 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.