Spotify Technology (NYSE:SPOT) Price Target Increased to $320.00 by Analysts at Raymond James

Spotify Technology (NYSE:SPOT) had its price target hoisted by Raymond James from $260.00 to $320.00 in a research report sent to investors on Monday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

Other equities analysts have also issued reports about the company. Bank of America raised their target price on Spotify Technology from $265.00 to $315.00 and gave the company a buy rating in a report on Wednesday, March 20th. DZ Bank upgraded Spotify Technology from a sell rating to a hold rating and set a $240.00 target price on the stock in a report on Wednesday, February 7th. TheStreet upgraded Spotify Technology from a d+ rating to a c- rating in a report on Friday, February 9th. JPMorgan Chase & Co. raised their target price on Spotify Technology from $280.00 to $320.00 and gave the company an overweight rating in a report on Monday, April 8th. Finally, Barclays raised their target price on Spotify Technology from $270.00 to $335.00 and gave the company an overweight rating in a report on Wednesday, April 10th. Six equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat, Spotify Technology currently has an average rating of Moderate Buy and an average target price of $254.16.

Spotify Technology Trading Down 3.3 %

Shares of NYSE:SPOT opened at $290.52 on Monday. Spotify Technology has a 1 year low of $128.67 and a 1 year high of $313.16. The business has a fifty day simple moving average of $262.87 and a 200 day simple moving average of $211.24. The firm has a market cap of $57.62 billion, a price-to-earnings ratio of -98.15 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, February 6th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping the consensus estimate 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 last year, the company earned ($1.43) earnings per share. Spotify Technology’s quarterly revenue was up 16.0% compared to the same quarter last year. On average, sell-side analysts forecast that Spotify Technology will post 3.55 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SPOT. Norges Bank bought a new position in Spotify Technology during the fourth quarter worth about $123,027,000. Wellington Management Group LLP raised its stake in shares of Spotify Technology by 61.7% in the third quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock valued at $459,364,000 after acquiring an additional 1,133,305 shares during the last quarter. Schroder Investment Management Group raised its stake in shares of Spotify Technology by 303.4% in the third quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock valued at $203,396,000 after acquiring an additional 989,243 shares during the last quarter. Artisan Partners Limited Partnership raised its stake in shares of Spotify Technology by 194.7% in the third quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock valued at $173,673,000 after acquiring an additional 741,955 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its stake in shares of Spotify Technology by 1,069.2% in the fourth quarter. Point72 Asset Management L.P. now owns 630,004 shares of the company’s stock valued at $49,739,000 after acquiring an additional 695,004 shares during the last quarter. 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.