Spotify Technology (NYSE:SPOT) Given New $365.00 Price Target at JPMorgan Chase & Co.

Spotify Technology (NYSE:SPOT) had its price target lifted by JPMorgan Chase & Co. from $320.00 to $365.00 in a research note released on Wednesday, Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms have also recently weighed in on SPOT. HSBC initiated coverage on shares of Spotify Technology in a research report on Wednesday, March 27th. They set a buy rating and a $310.00 price objective on the stock. Wells Fargo & Company boosted their price objective on shares of Spotify Technology from $250.00 to $280.00 and gave the company an overweight rating in a research report on Wednesday, January 31st. Macquarie boosted their price objective on shares of Spotify Technology from $300.00 to $330.00 and gave the company an outperform rating in a research report on Monday. 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 research report on Friday, April 12th. Finally, Benchmark boosted their price objective on shares of Spotify Technology from $325.00 to $375.00 and gave the company a buy rating in a research report on Wednesday. Eight investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Spotify Technology has an average rating of Moderate Buy and a consensus target price of $301.81.

Spotify Technology Stock Performance

Shares of SPOT opened at $281.34 on Wednesday. The company’s fifty day moving average is $269.74 and its 200 day moving average is $217.24. Spotify Technology has a fifty-two week low of $128.67 and a fifty-two week high of $319.30. The stock has a market capitalization of $55.80 billion, a PE ratio of -419.90 and a beta of 1.63.

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

Institutional Trading of Spotify Technology

A number of hedge funds have recently added to or reduced their stakes in SPOT. Technology Crossover Management XI Ltd. lifted its position in shares of Spotify Technology by 36.2% during the third quarter. Technology Crossover Management XI Ltd. now owns 1,297,323 shares of the company’s stock valued at $200,618,000 after buying an additional 344,841 shares during the last quarter. Nordea Investment Management AB lifted its position in shares of Spotify Technology by 7.9% during the fourth quarter. Nordea Investment Management AB now owns 248,659 shares of the company’s stock valued at $46,927,000 after buying an additional 18,105 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Spotify Technology by 410.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 97,771 shares of the company’s stock valued at $18,372,000 after buying an additional 78,609 shares during the last quarter. GSA Capital Partners LLP lifted its position in shares of Spotify Technology by 452.4% during the third quarter. GSA Capital Partners LLP now owns 14,242 shares of the company’s stock valued at $2,202,000 after buying an additional 11,664 shares during the last quarter. Finally, Rheos Capital Works Inc. lifted its position in shares of Spotify Technology by 205.7% during the fourth quarter. Rheos Capital Works Inc. now owns 107,000 shares of the company’s stock valued at $20,106,000 after buying an additional 72,000 shares during the last quarter. 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.