Spotify Technology (NYSE:SPOT) PT Raised to $396.00

Spotify Technology (NYSE:SPOT) had its price target upped by investment analysts at Rosenblatt Securities from $315.00 to $396.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Rosenblatt Securities’ target price would suggest a potential upside of 36.93% from the stock’s current price.

Other analysts also recently issued reports about the company. Macquarie lifted their price objective on Spotify Technology from $300.00 to $330.00 and gave the company an “outperform” rating in a report on Monday. JPMorgan Chase & Co. boosted their target price on shares of Spotify Technology from $280.00 to $320.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. DZ Bank upgraded shares of Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 target price for the company in a report on Wednesday, February 7th. Canaccord Genuity Group boosted their target price on shares of Spotify Technology from $315.00 to $330.00 and gave the stock a “buy” rating in a report on Monday. Finally, Raymond James boosted their target price on shares of Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a report on Monday, April 15th. Eight research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $301.81.

Spotify Technology Stock Performance

SPOT stock opened at $289.20 on Wednesday. The business has a 50-day moving average price of $270.61 and a 200 day moving average price of $217.74. Spotify Technology has a 1-year low of $128.67 and a 1-year high of $319.30.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.42. The firm had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative return on equity of 4.39% and a negative net margin of 0.80%. During the same period in the previous year, the company posted ($1.24) earnings per share. On average, equities analysts anticipate that Spotify Technology will post 3.97 EPS for the current year.

Hedge Funds Weigh In On Spotify Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the business. MONECO Advisors LLC increased its holdings in Spotify Technology by 0.7% in the 1st quarter. MONECO Advisors LLC now owns 13,234 shares of the company’s stock worth $3,492,000 after buying an additional 93 shares during the period. Lindbrook Capital LLC increased its holdings in Spotify Technology by 35.6% in the 1st quarter. Lindbrook Capital LLC now owns 278 shares of the company’s stock worth $73,000 after buying an additional 73 shares during the period. Valeo Financial Advisors LLC acquired a new position in Spotify Technology in the 1st quarter worth approximately $237,000. Cambridge Investment Research Advisors Inc. grew its stake in shares of Spotify Technology by 168.7% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 9,456 shares of the company’s stock worth $2,495,000 after purchasing an additional 5,937 shares during the period. Finally, Simplicity Wealth LLC acquired a new stake in shares of Spotify Technology during the 1st quarter worth approximately $456,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

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.