Spotify Technology (NYSE:SPOT) Price Target Raised to $370.00 at Bank of America

Spotify Technology (NYSE:SPOT) had its target price upped by Bank of America from $315.00 to $370.00 in a report published on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

SPOT has been the subject of several other reports. Rosenblatt Securities boosted their price objective on shares of Spotify Technology from $315.00 to $396.00 and gave the company a buy rating in a research report on Wednesday. HSBC assumed coverage on shares of Spotify Technology in a research report on Wednesday, March 27th. They issued a buy rating and a $310.00 price objective for the company. 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. 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. Finally, Deutsche Bank Aktiengesellschaft boosted their price target 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. Eight equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $301.81.

Spotify Technology Trading Down 7.2 %

SPOT stock opened at $281.34 on Wednesday. Spotify Technology has a 12 month low of $128.67 and a 12 month high of $319.30. The company has a 50-day moving average price of $269.74 and a 200 day moving average price of $217.24. The stock has a market cap of $55.80 billion, a PE ratio of -419.90 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.87 billion. During the same period in the previous year, the company earned ($1.24) EPS. Sell-side analysts forecast that Spotify Technology will post 3.52 EPS for the current year.

Institutional Trading of Spotify Technology

Large investors have recently made changes to their positions in the business. Future Financial Wealth Managment LLC acquired a new stake in shares of Spotify Technology in the first quarter valued at about $40,000. Pinnacle Bancorp Inc. acquired a new stake in Spotify Technology during the fourth quarter worth about $29,000. GAMMA Investing LLC acquired a new stake in Spotify Technology during the fourth quarter worth about $32,000. First Horizon Advisors Inc. increased its position in 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 purchasing an additional 117 shares during the last quarter. Finally, Spire Wealth Management increased its position in Spotify Technology by 93.1% during the first quarter. Spire Wealth Management now owns 197 shares of the company’s stock worth $52,000 after purchasing an additional 95 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.